UK courts Zim firms
LIVINGSTONE MARUFU
The United Kingdom (UK) has invited Zimbabwean companies in horticulture, renewable energy and fintech to participate in its Trade Mission platform where the local firms will strengthen trade ties with UK based entities.
The development is expected to propel local companies into huge entities that can compete globally in the next decades.
Martin Aslop, deputy development director and head Green Growth British Embassy Harare told Business Times that trade, investment and a vibrant private sector were critical to driving sustained growth, poverty reduction and economic development.
“There is a Trade Mission in the UK this week [last week] with ZimTrade where local exporters can strengthen their links with UK buyers in various sectors which include horticulture, renewable energy and fintech,” Aslop said.
He said the UK supported creation of the Horticulture Development Council and piloting a hub-and-spoke farming model which boosted small-holder horticulture exports.
“The UK is also working to improve the Independent Power Producers framework to unlock UK investment into renewable energy,” he said.
Aslop said the Department for International Trade housed within the British Embassy was also directly strengthening trade and investment with the UK with horticulture, renewable energy, and fintech being the focus area.
Zimbabwe has duty free, quota free access to the UK market via our Economic Partnership Agreement.
He said with increased trade, increased investment, improved enabling environment for economic transformation, sound fiscal and macro-economic management, stronger and more inclusive financial systems, a greener economic recovery supporting sustainable and inclusive growth.
“With the range of financial and non-financial instruments, investments, grant funding, trade finance, technical assistance, partnerships, policy work and research, a vibrant economy is achievable,” he said.
The UK had partial guarantees to CABS and Steward Bank to spur access to credit for SMEs and farmers and provided technical assistance to the government through the World Bank and the International Monetary Fund has resulted in the setting up of the Zimbabwe Investment and Development Agency.
