Economic partnerships strengthen investment opportunities between Zim & EU
Written by Skyz Metro FM on April 27, 2023
By Tafadzwa Mukome
The Economic Partnership Agreement between the European Union and Zimbabwe has realised increased trade and investment opportunities contributing directly to the implementation of the National Development Strategy 1 (NDS1).
The economic partnership agreement allows duty-free and quota-free access to the EU’s 27 countries, the largest trading block in the world.
Addressing the media at the EU stand at the ongoing Zimbabwe International Trade Fair , EU Ambassador Jobst von Kirchmann , said although trade relations and investment opportunities were at their best through the economic partnership there was room for more.
He said , “The EU is a major trading partner of Zimbabwe with an annual volume of USD $700 million based on our Economic Partnership Agreement. But I think we could do more.
” 42% of Zimbabwe’s horticulture exports went into the EU in 2021. The top three of these horticultural products being citrus, leguminous vegetable and cut flowers. The EU sells machinery and chemical imports to Zimbabwe that support local industry by encouraging greater efficiency in processing in agricultural production, transport and tea and leather processing sectors.”
Other projects implemented in partnership with Zimbabwe include the Technical Assistance to the Zimbabwe Economic Partnership Agreement (TAZEPA).
“Through its participation at the ZITF, the EU Delegation will have the opportunity to highlight some of these efforts, such as the Technical Assistance to the Zimbabwe Economic Partnership Agreement (TAZEPA), a provided €10 million to this project aiming at enhancing Zimbabwe’s integration into the regional and international trading system. On a global level, by playing a key role as co-chairperson of the good governance track in the ongoing Arrears Clearance and Debt Resolution high level dialogue process, the EU is supporting Zimbabwe’s efforts in creating a more conducive business environment “, he added .
Ambassador von Kirchman also commended the Zimbabwe International Trade Fair saying the opportunities presented by the showcase exceed expectations.
“Today i was really impressed , i did not expect when i came to Bulawayo to see such a vibrant event. I was expecting a good event but i think this exceeded my expectations , when you go through this village it is amazing . I think this is a platform for extremely good networking and i hope in the future it will also attract many more countries s from abroad . It is also a good place to promote Zimbabwe as an investment destination “, said Ambassador von Kirchman.
This is the frist time the European Union is exhibiting as a bloc at the ZITF . The EU stand is hosting the EU Member States which include Sweden, France, Italy, and The Netherlands as well as various Europe funded projects being implemented in Zimbabwe.