A BUSINESS delegation from India is expected in Zimbabwe at the end of the month to explore investment and trade opportunities in the country.
Tarisai Mandizha Business Reporter
The delegation, representing 10 Indian companies, will arrive in Harare on May 29 to attend a business seminar and hold meetings with potential local partners.
The country’s trade promotion body, ZimTrade, said in a statement the objective of the visit was to enhance economic linkages between Zimbabwe and India.
“ZimTrade is urging all stakeholders and other interested entrepreneurs to utilise this opportunity to boost trade and investment relations,” Zimtrade said.
The trade promotion body said the delegation comprised representatives of companies with interest in infrastructure, mining, energy and power generation, pharmaceuticals, agro-food processing, transport and road, rail development and education.
According to the ZimTrade Export Manufacturing Capacity Survey for 2013, local companies were failing to venture into exports due to a number of challenges resulting in a negative trade balance.
Zimbabwe’s exports increased from $2,2 billion in 2009 to $3,5 billion in 2013. According to the survey, in 2012 Zimbabwe exports were mainly dominated by fuels and mining products which accounted for 36,8% of all exports followed by agricultural products 33,3% and manufacturing 21,1%.
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Manufacturing constituted 67,3% of the country’s total imports, followed by fuels and mining products 16,7% and agricultural products 15,4%.
“Those already exporting indicated that there is great potential for increasing the exports. The firms indicated that once the government comes up with export supporting policies, most firms will be able to increase their levels of exports as the capacity to do so was there,” according to the ZimTrade survey.
The survey also revealed that there was significant export potential if the business operating environment was improved.
