Professor Ncube engages BRICS nations to hold trade fairs in Zimbabwe

Industry and Trade Minister Professor Welshman Ncube on behalf of the Zimbabwean government is engaging the BRICS nations to hold quarterly trade fairs in the country to enhance business opportunities with the bloc, a cabinet minister said.

Professor Ncube said the fairs would help Zimbabwe lure foreign direct investment (FDI) critical in its economic recovery efforts, New Ziana news agency reported.

"We are in discussion with the BRICS countries that perhaps on a quarterly basis we can have a China week, a Brazil week or a South Africa week here so that we can enhance bilateral trade between us," Ncube said.

Ncube said Zimbabwean diplomatic missions in BRICS countries - Brazil, Russia, India, China and South Africa - were currently pursuing the proposal.

Analysts contend that Zimbabwe could gain economically by creating business synergies with BRICS which has navigated its economic development rapidly and successfully.

To date Zimbabwe has established strong economic and bilateral ties with China and South Africa.

China is pursuing a number of business ventures in the country in various sectors, while South Africa remains Zimbabwe's largest trading partner.

As of this year, BRICS has a combined nominal Gross Domestic Product (GDP) of US$13.7 trillion and an estimated US$4 trillion in combined foreign reserves.