BILATERAL trade between Zimbabwe and China has exceeded the $1 billion mark since 2015 and the two countries are working on further increasing the scope of their investment ties for mutual economic benefits.
Industry and Commerce Deputy Minister Raji Modi said this in Harare on Wednesday during a business forum with Chinese investors hosted by the ministry in conjunction with the Chinese Embassy. The Chinese business delegation led by the Governor of Anhui Province, Zhou Xian, has also met President Mnangagwa and is impressed with Government’s commitment to transform the economy after years of stagnation.
Deputy Minister Modi said the People’s Republic of China continues to be an important trading partner for Zimbabwe and a major source of investment and technology transfer.
“On the trade front… since 2015 total bilateral trade between Zimbabwe and China surpassed the US$1 billion mark, almost doubling the 2010 trade figure of around US$500 million. There is great scope to increase these trade figures with Zimbabwe,” he said.
“Besides tobacco and minerals, which have been the major export commodities for Zimbabwe to China, we look forward to exporting other agriculture and manufactured goods in the near future. We are glad to note that Zimbabwean flowers have now found a market in China, with demand still growing.
“Further efforts are underway to facilitate the exportation of Zimbabwean citrus fruits and other products to China.”
On the investment front, Deputy Minister Modi said China continues to be Zimbabwe’s biggest source of foreign direct investment in such sectors as agriculture, construction, manufacturing, services, transport and tourism. He said the high-level engagement with China was undoubtedly an important platform to further explore business opportunities for collaboration with Chinese counterparts in various areas of business.
“It is encouraging and most appreciated that an increasing number of Chinese business people have also been visiting Zimbabwe with keen interest to explore business opportunities and establish them in Zimbabwe,” said Modi.
The visit by the Chinese delegation follows President Mnangagwa’s State visit to China in September this year where the Head of State attended the Forum for China-Africa Conference (Focac), which accorded a crucial opportunity for dialogue with Chinese investors. President Mnangagwa used the trip to invite the investors to Zimbabwe and explore various business opportunities.
Zimbabwe and China are strategically connected to complement each other in mutually beneficial partnerships in various sectors. Zimbabwe prides herself with plenty of business opportunities in mining, manufacturing, tourism, agriculture, energy and power development, transport and communication, information communication technology, health and tourism.–chrocnile.co.zw