EU in ZITF delight
BUSINESS WRITER
The European Union (EU) returns to the Zimbabwe International Trade Fair (ZITF) for a second consecutive year, with a significantly expanded presence.
After last year’s successful exhibition, where the EU received the top Foreign Exhibitors award, the EU’s commitment to deepening economic ties with Zimbabwe is clear.
This year, the EU stand, larger than last year, will feature even more EU Member States with #TeamEurope representation from Sweden, France, Italy, Germany, The Netherlands, and Romania offering a unique opportunity to meet and exchange with visitors.
The EU stand will also host various # TeamEurope-funded projects underway in Zimbabwe.
This year, the EU spotlights its Global Gateway campaign with the theme “EU WITH YOU, TINEMI, SILANI.”
The focus will be on the two Team Europe Initiatives; Green and Climate Smart Agriculture (GCSA) and Gender Equality and Women’s Empowerment (GEWE).
“The EU’s Global Gateway initiative exemplifies our values-based approach to building trusted connections that benefit people and our planet,” stated EU Ambassador Jobst von Kirchmann.
“Zimbabwe’s National Development Strategy (NDS1) goals include greener, climate-resilient agricultural practices. Our aim is to support Zimbabwe’s efforts to improve productivity while minimizing environmental impact. Furthermore, empowering women across social, economic, and political spheres is key to our shared vision.”
The EU-Zimbabwe Economic Partnership Agreement (EPA) and the EU’s Global Gateway offer a framework for increased trade and investment.
The EPA offers a great opportunity to Zimbabwean companies to export to the EU on a 100% duty-free, quota-free basis. The agreement offers Zimbabwean companies the possibility to modernize and transform their manufacturing processes through the importation of machinery duty-free from Europe.
With a trading volume of US$700m and a positive trade balance in favour of Zimbabwe, this is a significant area of cooperation as the EU represents Zimbabwe’s fifth-largest trading partner and number-one destination for horticultural exports.
In a common space, the EU will feature information about the European Union’s trade and investment opportunities in Zimbabwe alongside other EU Member States, this year being Italy, France, The Netherlands, Sweden, Germany, and Romania.
The stand aims at becoming a meeting and exchange point between Zimbabwe and the EU trade and investment stakeholders where visitors can access information on export requirements, support to agriculture machinery imports, technical assistance, lending facilities with the European Investment Bank as well as locating European business partners and exploring new markets.
The potential for growth of trade between Zimbabwe and the EU is substantial, and visitors to the #TeamEurope stand will gain valuable insights into maximizing the benefits of current free trade arrangements and much more.
The EU is committed to contributing to conducive investment, innovation, and inclusive growth in Zimbabwe.
This collaboration has seen the European Investment Bank (EIB) advancing private sector facilities to the tune of €40 million to local banks in the past three years and more facilities are in the pipeline.
This recognises the positive steps that the Government of Zimbabwe together with its partners is taking to address the issue of debt and arrears which has so far prevented Zimbabwe from accessing sovereign lending.
The EU is playing a key role in this process as co-chair along with the Ministry of Justice of the – Governance track, the conclusion of which will also create a more conducive business environment that can attract investment in infrastructure projects.
Ambassador von Kirchmann also highlighted the EU’s dedication to fostering a positive business environment: “We are committed to working with Zimbabwe to promote investment, innovation, and inclusive growth.
The European Investment Bank’s support for the private sector, along with our role in Zimbabwe’s good governance initiatives, pave the way for the brighter economic future we all envision.”
The EU’s presence at ZITF 2024 underscores a broad, collaborative effort to accompany Zimbabwe towards its ambition of becoming an upper-middle-income society by 2030. The “EU WITH YOU, SILANI, TINEMI” Campaign reflects the EU-Zimbabwe partnership dedicated to a sustainable and prosperous future for all.