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Sino-Zimbabwe trade nears US$2bn

by Staff reporter
06 Mar 2022 at 08:15hrs | Views
TRADE between Zimbabwe and China reached close to US$ 1, 9 billion in 2021, in a show of the positive outcomes of the growing relations between Harare and Beijing.

The trade figures increased by almost 35 percent compared to 2020.

In an interview with The Sunday Mail, Chinese Ambassador to Zimbabwe, Ambassador Guo Shaochun said the significant growth was an indication of the strengthening economic relations between the two friendly countries.

He said investments from China had effectively complemented inter-Government cooperation and kept Zimbabwe connected to the global economy despite the yoke of illegal sanctions.

"Trade between Zimbabwe and China in 2021 hit a record high of US$1, 882 billion with a year-on-year growth of 34, 7 percent. This is great news, especially given the challenges posed by the pandemic (Covid-19). It is an indication of the tremendous potential of our bilateral trade, which we are determined to further to the fullest," he said.

China and Zimbabwe mainly trade in tobacco, cotton, nickel ore and machinery.

In 2021, the Asian country also invested significantly in the country's health sector after providing millions of Covid-19 vaccines.

Ambassador Guo commended President Mnangagwa and the Second Republic for instituting reforms to improve the country's investment climate, saying this would attract more investments from China.

"The Chinese government and the Chinese Embassy will keep providing information, advice and encouragement for more reputable and competitive Chinese companies to invest in Zimbabwe, but in the driver's seat is the Government and people of Zimbabwe.

"We commend the Zimbabwean authorities for taking a number of steps to improve its investment climate, such as instituting the Zimbabwe is Open for Business policy, setting up ZIDA (the Zimbabwe Investment and Development Agency), and strengthening its investment policy framework. We are also grateful to the hospitality and goodwill of ordinary Zimbabweans towards Chinese investors over the past decades," said Ambassador Guo.

He urged stakeholders to stay vigilant against political manipulation in light of smear campaigns against Chinese investors by some sections of the media and some civil society organisations.

At the last Forum for China Africa Corporation summit held in Senegal last year, Chinese President Xi Jinping revealed that Chinese businesses will invest US$10 billion in Africa in the next few years, with Zimbabwe set to be one of the beneficiaries.

Source - The Sunday Mail
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