A
VISITING United States trade delegation which is in the country on a rare trade
visit says it is impressed by the business opportunities in Zimbabwe and
promised a follow-up visit next month for further talks.
The
Source/Business Reporter
The trade
delegation, which has been in the country since Wednesday on a three-day
mission to explore investment opportunities, is representing businesses in the
financial, agriculture, mining, engineering, energy, waste technology and
hospitality sectors. Addressing journalists on Friday, head of delegation
Phillip de Leon said they had met with government officials and representatives
of local companies.
“My
assessment, based on the two days we have spent here is that Zimbabwe is open
to business. There are business opportunities everywhere, so now the real work
starts. We need to do follow-ups.
My perception at this stage is very positive,” he said.
My perception at this stage is very positive,” he said.
De Leon,
who is representing the Corporate Council on Africa on its maiden visit to the
country, as well as an agriculture company, AGCO, said there was vast potential
in the sector which the country could exploit to reduce imports.
“You have
an extraordinary potential in agriculture and we need to wake up the lion. My
goal is to see how we can further develop agriculture,” he said.
“We
agreed different things at different levels and one of my colleagues will come
back in July.”
He urged
the country to market itself, especially at the forthcoming Corporate Council
on Africa summit to be held in Addis Ababa, Ethiopia, from November 2 to 5
which will bring together traders from the United States and Africa.
“You have
to market Zimbabwe. We live in a competitive world where everybody is trying to
win attention,” he said.
De Leon
said he was aware of the challenges the country is facing such as lack of
access to capital and had been briefed about the indigenisation law which
requires locals to control 51% stake in foreign-owned companies.
“My
approach to come into a country is having a clear understanding of the legal
environment and any investor makes sure it is predictable, foreseeable and
stable over time,” he said.
“We have
had interesting conversation, notably on the 51% rule, on indigenisation rules
and so we got some clarifications which enable us to better understand the
situation. I think a clear understanding of the legislative environment is very
critical.”
Responding
to whether the strained relations between the two countries would not affect
trade, de Leon said: “We are staying away from politics. We are here to talk
about trade. In my experience, politicians come and go, but businessmen stay.”
The visit
was facilitated by the American Business Association of Zimbabwe (ABAZ), a
voluntary business promotion organisation whose primary objective is to promote
business between Zimbabwe and US.
ABAZ chairperson Tinashe Rwodzi said his association was encouraging the American trade mission “to come over and look at Zimbabwe, get a feel for it and be properly informed”.
ABAZ chairperson Tinashe Rwodzi said his association was encouraging the American trade mission “to come over and look at Zimbabwe, get a feel for it and be properly informed”.
“We
believe that Zimbabwe critically needs foreign direct investments and we have
been working behind the scenes since 2010 engaging with American business,”
Rwodzi said.
According
to the official statistics, Zimbabwe recorded a $16,9 million surplus with the
United States last year with trade between the two countries reaching $100
million despite claims of existing sanctions.
According
to the data, Zimbabwe exported to the US goods such as tobacco, iron and steel
and coffee among others valued at $64,9 million during the period under review.
The
country also imported from the US goods such as machinery and pharmaceuticals
valued at $48,7 million.
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