Zimbabwe's SADC Chairmanship offers new opportunities

Zimbabwe's chairmanship of the Southern African Development Community (SADC) offers a prime opportunity for local businesses to shape the regional economic agenda and benefit from the African Continental Free Trade Area (AfCFTA), President Mnangagwa has said. The President made the remarks during his keynote address at the ZimTrade Annual Exporters Conference held at the Zimbabwe International Exhibition Centre (ZIEC) in Bulawayo yesterday.

President Mnangagwa assumed the chairmanship of the 16-member SADC bloc in August 2024 when Zimbabwe hosted the 44th SADC Heads of State and Government Summit in Harare. The summit was themed "Promoting Innovation to Unlock Opportunities for Sustained Economic Growth and Development towards an Industrialised SADC," highlighting the potential of innovation to drive key sectors such as manufacturing, mineral beneficiation, and agro-processing to enhance regional industrialization.

Speaking to a large gathering of exporters and buyers, the President emphasized that Zimbabwe's leadership of the regional bloc is a critical moment for the country to harness trade opportunities and foster regional integration.

"Zimbabwe's recent assumption of the chairmanship of SADC is a significant milestone for us in advancing regional integration and providing a strategic platform to enhance business coordination within the trade bloc," President Mnangagwa said to applause. "Our chairmanship comes at a crucial time when the African Continental Free Trade Area agreement is being operationalized, offering us opportunities to shape the future of our regional trade and ensure businesses benefit from increased market access."

The President called the AfCFTA a "game-changer" for intra-African trade, urging Zimbabwean businesses to seize the opportunity and position themselves for growth within the continental framework. The AfCFTA, a flagship initiative under the African Union's Agenda 2063, aims to create a single integrated market of 1.3 billion people with a combined GDP of approximately US$3.4 trillion. The agreement, operational since January 2021, seeks to streamline customs procedures, reduce bureaucracy, and harmonize technical standards to ease the movement of goods across African borders.

Zimbabwe is a signatory to the AfCFTA, which aims to eliminate tariffs on 90 percent of goods traded between member states over a 10-year period. The treaty is expected to increase intra-African trade by 53 percent by next year, potentially creating up to 30 million jobs and lifting 30 million people out of poverty.

Additionally, President Mnangagwa encouraged exporters to actively participate in global events, such as the upcoming Expo 2025 in Osaka, Japan, where Zimbabwe will showcase its cultural heritage and economic potential.

"As we prepare for Expo 2025 Osaka, I invite you all to fully engage in the activities leading up to and during this important global expo," he said. "Your involvement will ensure that Zimbabwe's vibrant culture, innovations, and vast industrial potential are displayed, positioning us as a dynamic and competitive player on the global stage."

Zimbabwe will participate under the "Connecting Lives Zone" at Expo 2025 Osaka, exhibiting under the national theme "Beyond the Limit." The expo presents a unique opportunity for Zimbabwe to showcase its economic prospects, cultural heritage, and investment opportunities to the world.

President Mnangagwa's message was clear: Zimbabwe's chairmanship of SADC, combined with the opportunities presented by AfCFTA and global platforms like Expo 2025, places the country in a strategic position to expand its trade horizons, stimulate industrial growth, and promote regional integration.