SA investor growing their footprint in Zim
NATIONAL trade development and promotion body, ZimTrade says it aims to grow the country’s export base to US$7 billion by 2023 in line with the national export strategy which seeks to increase the country’s exports by 10 percent year on year.
Similo Nkala, Director Operations at ZimTrade revealed this yesterday at the ZimTrade’s Limpopo Province Market Survey findings dissemination seminar which was organised to provide up-to-date market information to exporters in the country.
The event which also attracted some South African buyers aimed to explore export market opportunities existent in the Limpopo Province and as well as link exporters to potential buyers in the province.
Limpopo province was chosen on the basis of its proximity to Zimbabwe, being the closest of the nine South African nine provinces.
Conducted between 8 and 19 of October 2021, the market survey’s focus was mostly on the Fast-Moving Consumer Goods (FMCG), building and construction material as these areas hold great potential for some Zimbabwean companies.
While addressing participants at the dissemination seminar Nkala indicated that Zimbabwe was nearing its US$7 billion mark by 2023 but called for consented efforts and hard work to realise the target at hand from stakeholders and mainly exporting companies.
“It is our hope that through this market survey there will be more linkages between our companies and South African buyers, which will lead to increase of trade between the two countries.
“It is espoused in our National Export Strategy to increase our exports by 10 percent year on year, the thing is we are pushing to attain US$7 billion exports by 2023 and US$14 billion by 2030 in terms of the country’s total exports.
“Our figures by November 2021 had reached US$5, 4 billion in terms of total exports it is our hope that by close of 2021 figures will be about US$6 billion and we are now left with two years to reach the US$7 billion mark, we could be on track but there is still much work to be done hence why we conduct some of these market surveys,” said Mr Nkala.
Also at the event, her excellence the South African ambassador to Zimbabwe Rejoice Mabudafhadi noted that the survey would go a long way in shaping the two Southern African economies.
Critically she highlighted that South African investors have lately been growing their footprint in the country, a sign of confidence in the local economy.
“Zimbabwe is a key economic partner in terms of imports and exports, over the years South Africa has remained committed to the Zimbabwean economy despite a number of economic challenges experienced by the business community.
“…this survey is necessitated by the need to further cement and strengthen economic and trade relations between our two countries, we expect this initiative to go a long way in building and growing our economies in the realms of trade and investment.
“Lately there has however been new reinvestments by South African companies in Zimbabwe as they see opportunities and an economy with potential which bears testimony to the cordial relationship that exists between the two countries,” said Ambassador Mabudafhadi.
According to ZimTrade most of Zimbabwe’s exports to South Africa are mainly primary products and it aims to grow exports of value-added commodities going forward.
Pursuant to the market survey ZimTrade indicated that it was organizing an outward mission to Limpopo province, with at least 30 companies to further explore opportunities available in that province.-eBusiness Weekly
