News / National
Zimbabwe, United Kingdom trade up 67%
26 Jul 2024 at 06:34hrs | Views
Trade between Zimbabwe and Britain surged by 67 percent to over US$800 million in 2023 compared to 2022, according to UK deputy ambassador to Zimbabwe, Dr. Joanne Abbot.
Speaking at the launch of the Monty's and Central Association of Cooperative Union (CACU) outgrower scheme in Harare, Dr. Abbot emphasized the need for continued growth in smallholder participation in agricultural exports, facilitated by new financing options.
The scheme, themed "Opportunities in the field, capturing opportunities from the field," aims to support horticulture farmers and lead firms in boosting production and export of high-value crops to the UK and EU markets.
This new trade partnership will provide advisory services and support for small and medium enterprises to exhibit at trade fairs in Europe and the UK. It will be implemented by the International Trade Centre and the Horticultural Development Council.
Dr. Abbot thanked the Ministry of Agriculture for endorsing the 'Hub and Spoke' model, which promotes inclusive growth. The UK government is offering three levels of financing models to Zimbabwean exporters.
Recently, the British International Investment announced a US$10 million loan to the agriculture sector through NMB Bank to expand exports and sustainable production.
Additionally, a partnership agreement with the Zimbabwe Agriculture Development Trust aims to help smallholder farmers access financing.
The UK also provides a US$4 million loan guarantee facility for rural small and medium enterprises, particularly women and youth, administered by Steward Bank.
The economic partnership agreement offers duty-free and quota-free access into the UK for goods originating from East and Southern African countries and a gradual reduction of duties for UK-originating goods in these countries.
In a speech read by Dr. Dumisani Kutywayo, Lands, Agriculture, Fisheries, Water and Rural Development Permanent Secretary Professor Obert Jiri welcomed the partnership, stating it aligns with Zimbabwe's Vision 2030 goals and the Horticulture Recovery and Growth Plan (HRGP). He emphasized that the partnership between Monty's and CACU represents a transformative approach to food systems, promoting inclusive growth in the agriculture sector.
Speaking at the launch of the Monty's and Central Association of Cooperative Union (CACU) outgrower scheme in Harare, Dr. Abbot emphasized the need for continued growth in smallholder participation in agricultural exports, facilitated by new financing options.
The scheme, themed "Opportunities in the field, capturing opportunities from the field," aims to support horticulture farmers and lead firms in boosting production and export of high-value crops to the UK and EU markets.
This new trade partnership will provide advisory services and support for small and medium enterprises to exhibit at trade fairs in Europe and the UK. It will be implemented by the International Trade Centre and the Horticultural Development Council.
Dr. Abbot thanked the Ministry of Agriculture for endorsing the 'Hub and Spoke' model, which promotes inclusive growth. The UK government is offering three levels of financing models to Zimbabwean exporters.
Recently, the British International Investment announced a US$10 million loan to the agriculture sector through NMB Bank to expand exports and sustainable production.
Additionally, a partnership agreement with the Zimbabwe Agriculture Development Trust aims to help smallholder farmers access financing.
The UK also provides a US$4 million loan guarantee facility for rural small and medium enterprises, particularly women and youth, administered by Steward Bank.
The economic partnership agreement offers duty-free and quota-free access into the UK for goods originating from East and Southern African countries and a gradual reduction of duties for UK-originating goods in these countries.
In a speech read by Dr. Dumisani Kutywayo, Lands, Agriculture, Fisheries, Water and Rural Development Permanent Secretary Professor Obert Jiri welcomed the partnership, stating it aligns with Zimbabwe's Vision 2030 goals and the Horticulture Recovery and Growth Plan (HRGP). He emphasized that the partnership between Monty's and CACU represents a transformative approach to food systems, promoting inclusive growth in the agriculture sector.
Source - The Herald
