Harare, (New Ziana) – The annual Zimbabwe-China Business Forum held this week, provided a crucial platform for business leaders from both countries to explore new avenues for trade and investment.
The forum’s focus on boosting Zimbabwe’s exports to the Chinese market underscores the growing economic partnership between the two nations. The forum served as a catalyst for Zimbabwean and Chinese companies to identify and pursue mutually beneficial trade and investment opportunities.
A key priority was to explore ways to increase Zimbabwe’s exports to the lucrative Chinese market. According to Chinese Ambassador to Zimbabwe Zhou Ding, the trade relationship between the two countries has reached new heights.
“In 2023, bilateral trade between China and Zimbabwe hit a record high of $3.12 billion, reflecting a 29.9% increase from the previous year. Zimbabwe exported $2.1 billion to China and imported $951 million worth of goods, achieving a trade surplus of more than $1 billion,” he stated.
The ambassador’s remarks underscored Zimbabwe’s ability to boost domestic production and attract substantial foreign investment, even in the face of the climate-induced drought.
Zimbabwe’s Minister of Foreign Affairs and International Trade, Amon Murwira, attributed the surge in trade to the signing of a new trade protocol between the two countries during the Forum on China-Africa Cooperation held in September.
“This agreement has provided a significant boost to the trade relationship between China and Zimbabwe,” he said.
Murwira highlighted the growing Chinese investment in key sectors of the Zimbabwean economy, including mining, agriculture, ICT, construction, and transportation. “Zimbabwe has benefited from concessional and commercial loans from the China Eximbank aimed at transforming our industrial base.
This investment has not only boosted our economy but has also created jobs and improved the lives of our people,” he stated.
Murwira also highlighted the increasing Chinese demand for a diverse range of Zimbabwean exports, including mineral ores, macadamia nuts, tobacco, arts and crafts, leather products, and citrus fruits.
Looking ahead, Murwira expressed Zimbabwe’s openness to further foreign direct investment from China, stating the country’s ambition to become China’s “leading economic, technological and industrial partner.”
ZimTrade CEO Allan Majuru echoed this sentiment, emphasizing Zimbabwe’s rich natural resources and the need to develop value-adding industries to support the country’s export-driven growth strategy.
“We see in China not only a trade partner but a vital source of expertise, technology, and investment, all of which are integral to our aspirations for growth,” Majuru said.
The Zimbabwe-China Business Forum has undoubtedly strengthened the economic ties between the two nations, paving the way for increased trade, investment, and mutually beneficial collaboration in the years to come.
New Ziana
