Business

Zim proposes trade fairs to BRICS countries

GVT PROPOSES TRADE FAIRS TO BRICS NATIONS
Harare May 2, 2012 (New Ziana) -The Zimbabwe government is engaging the BRICS countries to hold quarterly business trade fairs to enhance business opportunities with the grouping, a cabinet Minister has said.
BRICS is an international political organization of leading emerging economies comprising Brazil, Russia, India, China and South Africa. Industry and Trade Minister Professor Welshman Ncube said the fairs would help Zimbabwe lure foreign direct investment (FDI) critical in its economic recovery efforts.
“We are in discussion with the emerging countries that perhaps on a quarterly basis we can have a China week, a Brazil week or a South Africa week here so that we can enhance bilateral trade between us,” he said.
“That is work in progress and that is the way we want to move.”
Ncube said Zimbabwean diplomatic missions in those countries were pursuing the proposal.
Zimbabwe has registered steady economic growth since the introduction of the multiple foreign currencies in 2009 after a decade of economic contraction.
The meltdown, induced by illegal economic sanctions imposed on the country by Western countries in retaliation for the land reform program implemented in 2000, resulted in low industrial capacity and reduced FDI.
The BRICS bloc of nations has changed dynamics of the global markets resulting in alternative investment destinations for developing countries.
Analysts contend that Zimbabwe could gain economically by creating business synergies with the group which has navigated its economic development rapidly and successfully.
To date Zimbabwe has established strong economic and bilateral ties with China and South Africa.
China is pursuing a number of business ventures in the country in various sectors South Africa is Zimbabwe’s largest trading partner with opportunities for further growth.
As of 2012, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of US$13.7 trillion, and an estimated US$4 trillion in combined foreign reserves.
New Ziana


ZITF mulls scrapping public days

ZITF MULLS SCRAPPING PUBLIC DAYS
Bulawayo April 28, 2012 (New Ziana) -The Zimbabwe International Trade Fair company is considering scrapping public days at the fair to make it an all business trade fair, an official has said.
Business trading days at this year’s expo were increased to three from the traditional two following requests from exhibitors to extend the trading days.
ZITF chairman Bekithemba Nkomo said they were considering the move.
“This year’s business trading days were increased from two to three thereby reducing the number of public days.
“In future the ZITF is likely to be an all business trade fair scrapping the public days in line with global trends.”
The 53rd annual edition of the trade fair which started on Tuesday and due to end on Saturday has attracted a host of local and foreign exhibitors.
Foreign countries represented include Italy, Poland, Germany, Pakistan, Brazil, Namibia, South Africa, Indonesia and China, which has the biggest exhibiting delegation of 200 participants from 35 companies.
More than 600 exhibitors turned up for this year’s trade fair with Zimbabwe having 426 direct exhibitors and 82 indirect while there are 33 foreign direct exhibitors and 134 foreign indirect exhibitors taking up 98 percent of exhibition space.
The ZITF brings together business entities from across the world, creating a platform for securing deals and establishing synergies.
Zambian president Michael Sata officially opened the five day fair on Friday.
This year’s trade fair is running under the theme "Investing Locally, Reaping Globally."
New Ziana

Zol slashes tariffs

INTERNET PROVIDER SLASHES DOWN RATES
Harare April 27, 2012 (New Ziana) –Internet services provider Zimbabwe Online (ZOL) has slashed tariffs to levels being charged in the region, an official said on Friday.
ZOL offers Wireless Fidelity (Wi-Fi) spot where anyone with a Wi-Fi capable device such as a laptop, Smartphone and PlayStation Portables can connect to the ZOLspot network and the internet at broadband speed.
Manager Rory Evans said the recent slash of prices was aimed at promoting internet usage in Zimbabwe.
“The service has effectively become one of the lowest priced internet packages in the country.
“This will go a long way in benefitting Small and Medium Enterprises (SMEs) and individuals to carry out effective electronic transactions,” he said.
Evans said price per megabyte on the scratch cards would vary depending on the amount of data bought.
The megabyte is a multiple of the unit byte for digital information storage or transmission.
“Basically the price reduces as the bundle gets bigger,” said Evans.
He said the new data bundle would see the price of a megabyte dropping drastically with the lowest, 100 MB priced at US $5 (5 cents per MB) and the largest, 4G, costs $100 (2.5 cents per MB).
In comparison, the lowest price per MB on the old pricing was 7.3 cents.
ZOL has more than 85 Wi-Fi hotspots in Harare, Mutare and Bulawayo and in January this year the company joined the Econet family after it was acquired by a subsidiary, Liquid Telecom.
New Ziana

Zim urged to stop letting policies gather dust on shelves

ZIM URGED TO STOP LETTING POLICIES GATHER DUST ON SHELVES
Bulawayo April 25, 2012 (New Ziana) -Zimbabwe should move away from formulating policies which are left to gather dust on shelves and start implementing them to recover the economy, Vice President Joyce Mujuru said on Wednesday.
In a speech read on her behalf by Mining Development Minister Dr Obert Mpofu at the official opening of the fifth edition of the International Business Conference held at the ongoing Zimbabwe International Trade Fair (ZITF), Vice President  Mujuru said success in economic turnaround  lay in implementation of vibrant government policies.
“The time to transform Zimbabwe is now. We have spoken about what needs to be done. It is now time to implement our great plans,” she said.
Mujuru said the country had vast potential to expand her economy given the abundant natural resources found in the country.
She said if resources were exploited properly, the country could once again become a regional economic powerhouse.
Mujuru reaffirmed the importance of having accurate and up to date data on the mineral resource base in the country.
“Given our resource base, it is paramount that we must have quality information on our resources, their management, exploitation and transparency in the way they are exploited,” she said.
She said Zimbabwe should also seek development partners that help the country exploit her resources to the benefit of locals.
“Zimbabwe needs to seek partners with best practices in identified areas of potential growth such as the BRICS, South Korea and Malaysia who have navigated their development process rapidly and successfully,” she said.
“These countries provide a model for how to deploy and utilize a rich resource base to develop and grow their economies.”
The business conference was attended by several senior government officials including Prime Minister Morgan Tsvangirai, Deputy Prime Minister Professor Arthur Mutambara, Industry and Trade Minister Professor Welshman Ncube, Economic Planning and Investment Promotion Minister Tapiwa Mashakada, local captains of industry as well as their foreign counterparts.
It was held under the theme “Investing Locally, Building Local Capacity and Reaping Dividends Globally, Turning a Rich Resource Base into an Industrial Hub.”
New Ziana

Foreign exhibitors hail investment climate

ZIM OPEN FOR BUSINESS
Bulawayo April 24, 2012 (New Ziana) -Foreign exhibitors at the ongoing Zimbabwe International Trade Fair (ZITF) have described Zimbabwe as a safe investment destination with potential to regain its spot as a regional economic powerhouse.
Zimbabwe is slowly emerging from a decade of economic meltdown precipitated by sanctions that Western countries imposed in 2001 as punishment for implementing agrarian reforms.
During the period, investors from the West shunned the country resulting in limited foreign direct investment.
This prompted the government to introduce the Look East policy which has since borne tremendous fruit.
Since the formation of the inclusive government in 2009, the country has made significant strides towards regaining economic stability.
In an interview with New Ziana at the ZITF, Indonesian deputy ambassador to Zimbabwe, Kusnarebi Takaijanto said Zimbabwe had vast investment opportunities that his country could tape into.
“We are here because Zimbabwe is growing. Its economy is one of the fastest growing in the region and we believe Zimbabwe will be a good country to do business in,” he said.
Takaijanto said his country was looking for investment opportunities in all sectors of the economy adding that most Indonesian business people were eager to invest in Zimbabwe.
“We do hope that Zimbabwe and their Indonesian counterparts could take advantage of this opportunity and forge business ties because we believe Zimbabwe’s economy will grow big.
Italian assistant cultural attachee Robyn Koen said investment opportunities available in Zimbabwe had lured exhibitors from his country to the fair.
He said companies exhibiting at the trade fair included Pirelli tyres and Fiat.   
“It has been eight years since we last exhibited and we are here as business in Zimbabwe is improving. We want to promote investment into the country and with the stabilization of the economy there are now lots of investment opportunities,” he said.
The five day fair has attracted local and foreign exhibitors including those from Poland, Italy, Germany, Pakistan, Brazil, Namibia and China.
China has 35 companies exhibiting at the stand while South Africa has 32.
The trade fair, which Zambian President Michael Sata will officially open on Friday, is running under the theme “Investing locally reaping globally.”
New Ziana

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