Chiwenga urges businesses to grab Belarus export opportunities

VICE President Dr Constantino Chiwenga yesterday called on Zimbabwean businesses to grab investment and export opportunities presented by Belarus, which is exhibiting for the first time at the Zimbabwe International Trade Fair (ZITF), underway in Bulawayo this week.

Addressing delegates during the Zimbabwe-Belarus Business Forum at a local hotel, he said the visit by the Belarus business delegation comes against the backdrop of a visit by President Mnangagwa and the Zimbabwe National Chamber of Commerce (ZNCC) to Belarus capital, Minsk, in January this year.

"During the State visit, economic, political and cultural ties between the two countries received a major boost, following the signing of eight Memoranda of Understanding (MoUs).

"I entreat the two sister countries' businesspeople to ensure that the Memoranda of Understanding are fully implemented," he said.  

"For the local private sector, here is your opportunity to expand your business horizons by organising yourselves to seize opportunities, which present themselves in terms of ancillary and complementary endeavours, such as provision of manpower, accommodation, food, transport, spares and equipment servicing.

"To our domestic investors, I challenge you to take advantage of this business forum and reform initiatives to expand the scope of your businesses."

The MoUs covered areas such as mining, science, technology and innovation, trade and economic co-operation, procurement of agro-equipment and supply of fertiliSer.

VP Chiwenga also recalled that when President Mnangagwa was still Vice President in July 2015, he secured a US$120 million export credit line for the supply of machinery and equipment for agriculture, dam construction and mining.

Zimbabwe has been receiving mining and agricultural equipment from Belarus as a result of the sound political and economic ties between the two countries. VP Chiwenga said Government was committed to engaging investors from across the world to participate in different economic sectors under an enabling environment.

Against this background, the new political order led by President Mnangagwa was implementing a number of development-oriented initiatives and productivity enhancing structural reforms under the Transitional Stabilisation Programme, which runs up to 2020. The Government is also focusing on growing the economy as envisaged by President Mnangagwa through Vision 2030, which seeks to transform the country into an upper middle income economy within the next 11 years.

"Meanwhile, measures are in place to deepen and quicken the ease and cost of doing business reforms, which are vital for enhancing the competitiveness of our industries.  

"The National Competitiveness Commission is being capacitated, in order to foster a competitive business environment, through the development, coordination and implementation of key policy improvements, thus reducing market distortions," said VP Chiwenga.

In the same vein, he said, the establishment of the Zimbabwe Investment and Development Agency will usher in the processing of investment approvals within a day and significantly improve the investment climate in the country. It is hoped that this will stimulate employment creation and economic growth.

The Zimbabwe-Belarus Business Networking Forum, which ran under the theme, "Expanding Horizons: Dynamic Solutions for Economic Turnaround," culminated in ZNCC and the Belarus Chamber of Commerce and Industry signing a Memorandum of Understanding with a view to strengthen strategic partnerships.