The Indian Ministry of Commerce and Industry, in conjunction with a business body, has invited Zimbabwean industrialists for a three-day event, which includes exhibitions and business-to-business meetings.
BY TARISAI MANDIZHA
This is a major boost for the local industry, which has been struggling to supply competitive products on the world markets due to the high cost of production incurred locally.
The three-day event runs from January 29 to 31 and will focus on stones, processed food, textiles, engineering, pharmaceuticals, Ayurveda and herbal products, the Zimbabwe National Chamber of Commerce (ZNCC) said.
“The Indian government is inviting interested Zimbabwean industrialists to participate at this event. Interested companies or individuals or buyers, are being requested to submit company profiles indicating their specialty and designation of aspiring participants,” ZNCC said.
“Selected buyers will be provided with return economy airfare and hotel accommodation from January 29 to 31. They will also be provided with local hospitality and transportation.”
India’s Commerce and Industry ministry says that country’s exports during December 2015 were valued at $22,29 billion, which was 14,75% lower from $26,15 billion recorded during the same period in 2014.
Non-petroleum exports in December 2015 were at $19,93 billion against $21,63 billion in December 2014.
According to the World Trade Organisation statistics, the trend of falling exports was in tandem with other major world economies.
India’s imports during December, 2015 were valued at $33,96 billion, against $35,33 billion recorded during the same period in 2014.
In Zimbabwe, the cumulative total value of exports as at September 2015 amounted to $1,84 billion against imports of $4,55 billion.
Analysts say local products can be competitive on the strength of reforms, such as the aggressive push for local consumption in a move meant to support manufacturers.
This, analysts say, will enable local manufacturers to start exports.