Zim-UK hold business forum
THE Ministry of Foreign Affairs and International Trade, in collaboration with the British Embassy in Harare, will host the Zimbabwe– United Kingdom (UK) Business Forum today.
To be held at the Hyatt Regency Harare Meikles by ZimTrade, the forum will focus on trade and investment opportunities in Zimbabwe, with a specific emphasis on the perspectives of UK buyers.
The meeting is expected to provide an opportunity to gain insights into a growth gateway and its support for African businesses.
Growth Gateway connects UK and partner country businesses to UK government trade and investment initiatives and provides expert advice and online information tools to support their trade and investment journeys.
The programme will also provide an overview of the UK-Eastern and Southern Africa (ESA) Economic Partnership Agreement (EPA).
The UK signed an Economic Partnership Agreement (EPA) with some Eastern and Southern African (ESA) states and the agreement currently covers Madagascar, Mauritius, Seychelles and Zimbabwe.
Under the arrangement, the UK is committed to providing immediate duty-free, quota-free access to goods exported from the ESA states.
The meeting will be attended by players from diverse sectors of the economy including horticulture, processed foods, arts, and crafts and these are low-hanging fruits with potential to diversify our export base and meet market demands in the United Kingdom.
In an interview, ZimTrade chief executive officer, Mr Allan Majuru, said the forum fed into the ongoing Government’s economic diplomacy agenda and reinforced Zimbabwe’s trade relations with one of the world’s major economies.
“It is part of our efforts to strengthen linkages between local businesses and potential partners across the world. The forum will enhance the visibility of Zimbabwean products in the UK market, strengthening supply chains and fostering business partnerships that can contribute to Zimbabwe’s economic development,” said Mr Majuru.
Mr Majuru added that interactions during the forum will lay the groundwork for future collaborations in key sectors of the economy paving the way for increased trade volumes in the coming years.
“Zimbabwean processed foods like Mazoe Orange Crush and Tanganda Tea have already made inroads, offering a foundation for introducing more Zimbabwean brands.
“The shift towards healthier, organic products in the UK also opens doors for essential oils and niche items such as baobab powder and marula oil.”
The UK also has a steady demand for African arts and crafts, including Zimbabwean stone sculptures, baskets, and recycled materials.
In horticulture, Zimbabwe already has a notable presence, supplying fresh fruits, vegetables, tea and nuts.
There is also a growing demand for blueberries, macadamia, citrus, flowers and ground nuts.
Total trade in goods and services (exports plus imports) between the UK and Zimbabwe was £609 million in the year to March 2024, translating to a 37,8 percent increase of £167 million compared to the first quarter of 2023.
Of this £609 million total UK exports to Zimbabwe amounted to £336 million, an increase of 85,6 percent (£155 million) in comparison to the prior year.
On the other hand, UK imports from Zimbabwe amounted to £273 million which is a 4,6 percent increase (£12 million) ahead of the year before.
The top five UK goods exports to the first quarter of 2024 included cars, road vehicles other than cars, telecoms and sound equipment, specialised machinery, beverages and tobacco.
The top five UK goods imports were beverages and tobacco, vegetables, fruit, metal ores, scrap, coffee, tea, cocoa and jewellery.
Zimbabwe was the UK’s 102nd largest trading partner in the year to March 2024 accounting for less than 0,1 percent of total UK trade.
In 2021, the outward stock of foreign direct investment (FDI) from the UK in Zimbabwe was £54 million while the inward stock of foreign direct investment (FDI) in the UK from Zimbabwe was less than £1 million.-herald
