Zim seeks trade boost with South Korea as Chambers sign MoU

THE Zimbabwe National Chamber of Commerce (ZNCC) and the Korea Chamber of Commerce and Industry have signed a Memorandum of Understanding to foster the development of trade and economic relations between their two countries.

The MoU, which was signed today in South Korea at the 2024 South Korea-Africa Summit, takes into account the similarity of the objectives in terms of promoting trade, industry and investment while collaboratively representing the interests of their respective business communities.

Under the MoU, the two business chambers have agreed among others, on the basis of equality and mutual benefit, to exchange information on general economic status, taxation, investment opportunities, trade policies and legislative changes of the respective countries to strengthen trade, technological and industrial cooperation.

ZNCC and the Korea Chamber of Commerce and Industry (KCCI) through the MoU will also exchange publications and materials concerning economic development, foreign trade and investment policies of their respective countries as well as establishing effective and systematic consultation and cooperation between them, particularly on the trade and investment policy developments.

ZNCC president Mr Mike Kamungeremu signed the MOU with the KCCI.

“The MoU will see increased relations in the development of trade between Korea and Zimbabwe taking into consideration the similarity of the objectives that we have in terms of promoting trade, industry and investment.

“Through this MoU we will be sharing important trade and economic information and we will also be collaborating in organising trade missions, and business forums that will see business-to-business interactions.

“We hope very soon the levels of trade between Zimbabwe and South Korea will be increasing,” Mr Kamungeremu said this in an interview from South Korea today.

South Korea is one of the fastest growing economies in the world at position 12 with a Gross Domestic Product amounting to US$1,7 trillion and Zimbabwe is bound to emerge as one of the beneficiaries of this summit.

In the first quarter of 2024, Zimbabwe’s imports from South Korea amounted to US$5,3 million while exports stood at US$3 million.

“Currently some chemical products, oils, rubber products, some agricultural products and some machines have been traded between the two countries.

“We expect to see that increasing. What is however very critical to note is that Korea is home to some well-known global brands like Samsung who manufacture phones, washing machines, TVs and air conditioners, LG Electronics, Hyundai and KIA for motor vehicles, to mention just a few.

“There are plenty of their products in Zimbabwe but in most cases Zimbabweans got these from other countries like UAE or South Africa,” said Mr Kamungeremu.-ebusinesswekly