Over 60 EU firms eye trade, investment in Zim

Over 60 European Union companies are in Zimbabwe attending the first-ever EU-Zimbabwe Business Forum to explore trade and investment opportunities across various key sectors of the economy.

The EU entities have their eyes on key growth sectors of Zimbabwe’s economy, including horticulture, agriculture and agro-processing, renewable energy and mining value chains. Logistics, financial services and vocational skills development are also potential areas of interest.

This forum is a testament to the success of the Government’s engagement and re-engagement drive since the Second Republic, under the leadership of President Mnangagwa, came to power in November 2017.

President Mnangagwa’s administration has also made economic diplomacy a key area of focus, leveraging political relations to promote economic ties, including investment and trade.

The ongoing forum was organised by the EU Delegation to Zimbabwe, in partnership with the Zimbabwe Investment and Development Agency (ZIDA), national trade promotion and development body ZimTrade, and the Confederation of Zimbabwe Industries (CZI).

Running under the theme “Unlocking Trade and Investment under the Global Gateway Initiative”, the forum opened yesterday in Harare and ends tomorrow, marking a milestone in efforts to strengthen trade and investment ties between the European Union and Zimbabwe.

The Indaba seeks to strengthen EU-Zimbabwe trade and investment ties, leveraging provisions of the Economic Partnership Agreement (EPA) and the EU’s Global Gateway strategy to unlock new opportunities.

In particular, the EU’s Global Gateway strategy aims to enhance the role of the EU and the Zimbabwean private sector in the development of sustainable infrastructure and inclusive business growth.

The forum underlines the potential for a stronger and progressive partnership between Zimbabwe and the EU and mutual dedication to driving inclusive and sustainable economic growth through enhanced trade and investment cooperation.

Delivering a speech on behalf of Foreign Affairs and International Trade Minister, Professor Amon Murwira, the permanent secretary in the ministry, Ambassador Albert Chimbindi, said the event embodied the growing partnership between Zimbabwe and the EU.

He said this demonstrated the parties’ dedication to promoting inclusive and sustainable economic growth through enhanced trade and investment ties.

“Our presence here today reflects Zimbabwe’s unwavering commitment to engaging with the EU in trade and general economic cooperation.

“As Zimbabwe we continue to embrace our role in regional and global development, as we reaffirm that Zimbabwe is Open for Business and stand ready to strengthen, deepen and broaden diplomatic cooperation, anchored on mutual respect, shared prosperity and a steadfast commitment to sustainable development, for a common future where no one and no place is left behind.

“The EU, with its vast experience, technological prowess, and commitment to sustainable development, stands as a key partner in Zimbabwe’s pursuit of national aspirations.

“We believe that European businesses can play a significant role in contributing to the realization of the NDS1 and Vision 2030 by bringing in much-needed investment, innovative technologies, and best practices,” said Minister Murwira.

He said the establishment of ZIDA was also evidence of the joint efforts to improve trade investment and relations with the international community.

“The establishment of ZIDA itself is a clear testimony of the efforts the Government is deploying just to make sure that we make it easier for those who want to invest, both those from Zimbabwe and from abroad, to actually invest,” said the minister.

EU Ambassador to Zimbabwe, Jobst von Kirchmann, also expressed confidence that trade and investment in Zimbabwe would grow through joint efforts to promote trade and investment between the parties.

“We would like to hit the US$1 billion mark in terms of trade and Investment with Zimbabwe, I think that’s based on the idea that we work together and try to unlock the potential, which is there. Because we have a trade agreement that allows Zimbabwean companies to export duty-free and tariff-free to the EU.

“This momentum is reflected in the impressive turnout of 64 companies from 12 EU member states, including France, Germany, Austria, Finland, Poland, the Netherlands, Italy, Sweden, Belgium, Spain, Portugal and the Czech Republic that have gathered here,” said the Ambassador.

Head, Zimbabwe Public Debt Management Office in the Ministry of Finance and Economic Development Mr Andrew Bvumbe, said the ministry was doing all it could to create an investor-friendly environment in Zimbabwe.

“We are doing all we can to ensure macroeconomic stability and the predictability of the economic environment, and this includes issues relating to the exchange rate reforms, which are very critical for investors.

“This includes their capacity to remit dividends outside to their headquarters. So as you are aware, the Government has been implementing structural reforms both in terms of the monetary policy, foreign exchange to bring predictability to the market for investors.

According to the EU, Zimbabwe’s location and rich mineral resources position it as a crucial hub for regional trade and investment within the Southern African Development Community, the Common Market for Eastern and Southern Africa and the African Continental Free Trade Area.

The forum presents a timely platform to highlight this potential and foster deeper business ties between the EU and Zimbabwe, unlocking new opportunities for growth and cooperation.

The first day entailed the opening plenary and sector sessions focused on horticulture, renewable energy, and the mining value chain, alongside exhibitions showcasing EU companies.

Day two will delve into sector discussions on finance, transport, and logistics, and feature B2G meetings, culminating in evening networking opportunities with policymakers and regulators.

The third and final day will include site visits to Special Economic Zones and focus on potential investment partners, wrapping up with a debriefing session for EU businesses to share insights and experiences.