ZITF begins in Bulawayo this morning

The 52nd edition of the Zimbabwe International Trade Fair begins in Bulawayo this morning with a view to reposition the country as a prime investment destination and lure foreign direct investment that has proved elusive in recent years.

FOURTEEN foreign countries are participating at this year's Zimbabwe International Trade Fair, an indication of the country's vast investment potential.

The trade showcase, running from today until Saturday, has attracted hundreds of multi-sectoral local exhibitors seeking to create synergies with regional and international investors - by taking advantage of the country's economic rebound.

A number of events, including the International Business Conference and the tourism and travel exposition, A'Sambeni Tourism and Travel Expo are running concurrently with ZITF.

The business conference, running under the theme "Optimising growth synergies in an emerging investment destination: Turning opportunities into value", has attracted high-level speakers from the region.

Vice-President Joice Mujuru is expected to attend the conference, with Prime Minister Morgan Tsvangirai giving an insight to some of the challenges Zimbabwe is currently facing in trying to attract foreign direct investment.

Other speakers include Mr Cyril Ramaphosa from Shanduka Group, South Africa; Kerin Alain Bertrand, regional director Middle East and Africa ISI Emerging markets.

Zimbabwe Investment Authority chief executive Mr Richard Mbaiwa, Zesa chief executive Engineer Josh Chifamba, Econet Wireless Zimbabwe managing director Mr Douglas Mboweni, and Interfresh executive chairman Mr Lishon Chiponga are among the high-powered cast of speakers. International buyers will have an opportunity to sample what Zimbabwe has to offer in the tourism sector.

Analysts said ZITF is one platform to engage foreign investors and promote the investment opportunities.

Tourism is one of the first sectors to recover as it attracts prosperous individuals from outside while communications also plays a vital part in the resurgence of an economy.

Zimbabwe has enormous economic potential as it recovers from the hyperinflationary period, which ended in February 2009.

Foreign investors who are keen on Zimbabwe have described the country as "the final frontier market" in Africa, but ignored by investors.

Zimbabwe, with its potential to double growth, is expected to grow by about 9,3 percent this year, spurred by increased production in agriculture and mining.

"The economic potential of Zimbabwe is vast, with substantial deposits of platinum, gold, diamonds and other minerals," said one foreign research company in a report.

"Zimbabwe has been a major exporter of tobacco and wheat and it has enormous potential as a tourist destination and, prior to the economic crisis, had the infrastructure capable of supporting a thriving economy."

Zimbabwe is also has the second largest platinum reserves in the world after South Africa, as well as deposits of gold, diamonds, coal, copper, nickel and tin.

Major rivers including the Zambezi in the north and the Limpopo in the south have the capability to generate up to 5 000MW of hydroelectricity as well as providing around half of all available water in sub-Saharan Africa, excluding South Africa.

The country is home to the Victoria Falls, the widest curtain of falling water in the world and one of the seven natural wonders of the world, several national parks and the historic ruins of Great Zimbabwe.

This year's exhibition will be held from May 3-7 in Bulawayo under the theme "Optimising Business Synergies ' Now and Beyond".