Buyers keen on Zim products

NDAMU SANDU IN DURBAN, SOUTH AFRICA

Potential buyers have shown an interest in Zimbabwean products amid indications they will import local products, ZimTrade CEO Allan Majuru has said.

Over 30 companies are participating at Intra-African Trade (IATF2021).

Speaking to Business Times on the sidelines of the trade expo yesterday, Majuru said: “Zimbabwean companies participating at the fair have been engaging with buyers from the continent and the interest in Zimbabwean products is growing. From engagements so far, potential buyers have indicated that they are impressed with the quality of Zimbabwean products and will be looking forward to importing from our companies.”

Majuru was optimistic that the intra-African trade will grow in the coming years taking a cue from African leaders who made a clarion call for African countries to strengthen and improve conditions that makes it easy for trade to take place.

CBZ Holdings CEO Blessing Mudavanhu said the group was participating at IATF to support the platform Afreximbank created as a show of support to Zimbabwe’s all-weather bank.

“I was telling one of the vice presidents that this is the only institution that has come to Zimbabwe’s aid in difficult times when Zimbabwe was perceived not to be attractive. So not only did they assist the government, central bank and private sector such as ourselves,” Mudavanhu said.

“When we have issues of perception on the government side you have the private sector which you can use as a vehicle to make a difference. So it was really an issue of confidence to Afreximbank for us to be present and also have a stand.”

The group signed a US$28m facility with Afreximbank which will be used to fund forex generating firms involved in trade.

For the Zimbabwe Investment and Development Agency (ZIDA), IATF2021 gave the agency the opportunity to interact with companies interested in investing in Zimbabwe and local companies on the challenges they are facing, according to chief investment officer Tinotenda Kambasha.

“We also learnt from other investment agencies like the Gauteng Investment Agency, KwaZulu-Natal and import and export trade government departments that we are now sharing information with. We have signed MoUs to work together, Kambasha said.

He said ZIDA held a meeting with Afreximbank on how Zimbabwe can structure its infrastructure projects.

A prospectus is in place and currently awaiting approval, he said, adding that the priority projects will be showcased at the Dubai Expo and during the Zimbabwe Day in March.  The prospectus will be circulated to infrastructure banks, Kambasha said.