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Zim delegation in Hong Kong

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A business delegation led by Industry and Commerce deputy minister Mike Bimha arrived in Hong Kong on Sunday for the Zimbabwe International Business & Capital Markets road shows to mobilise $6 billion of financing in forms of initial public offerings on international stock exchanges.

The road shows, organised by financial advisory firm DEAT Capital, will run up to June 25.

DEAT Capital managing director Nick Moyo said the road shows kicked off at the weekend with high-level presentations and exploratory meetings.

He said of interest was that Hong Kong was now the largest financial centre in Asia and the conduit for almost 70% of outward Chinese investments.
Last year alone it had almost $52 billion of outward foreign direct investment.

“Its annual trade figures are more than $220 billion and trade exports to Zimbabwe were $48 million against imports of around $30 million, representing a massive potential for increase of trade between Hong Kong and Zimbabwe,” Moyo said.

“Of interest is the massive potential for increasing trade and investment between Zimbabwe and mainland China utilising Hong Kong given its comparative advantages as a trade hub, sophisticated and robust financial services, cargo and logistics.”

The delegation includes Securities Commission Board chairperson Willia Bonyongwe and representatives from leading institutions such as Infrastructure Development Bank of Zimbabwe and the Confederation of Zimbabwe Industries
According to Moyo, the Hong Kong Stock Exchange vice-president for business development Sharon Chan told the visiting Zimbabwe delegation that Africa represents the new frontier for Hong Kong-based investors and capital markets and it was one of the countries of interest.

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