eBusiness Weekly
Business Writer
Trade between Zimbabwe and the United Arab Emirates (UAE), is poised to scale new heights after shipments between the two countries reached nearly a billion US dollars in the first three months of this year and appears on course to eclipse the record trade value attained last year.
Zimbabwe is expected to register huge growth in trade with the UAE after its successful participation at the six months long Expo 2020 Dubai, which increased awareness of opportunities in the country.
The southern African country was among 192 countries that took part in the global exhibition to explore trade and investment opportunities among different countries from across the globe.
On March 14, 2022, the Zimbabwe Investment and Development Agency (ZIDA) after collaborating and planning with Expo 2020 Dubai Commissioner General Ambassador Mary Mubi and her team, led the hosting of the Zimbabwe National Day Business Forum at the St. Regis Hotel Downtown, Dubai.
President Mnangagwa was the keynote speaker at the event attended by many nationals of the UAE. The UAE’s Ambassador to Zimbabwe, Dr Jassim Muhammad Al Qasimi, also graced the event.
The Emiratis were encouraged to seek increased trade and investment opportunities in Zimbabwe where there was abundance of untapped potential in the various sectors of the economy.
A report presented to the National Assembly by Webster Shamu, the chair of the Parliamentary Portfolio Committee on Foreign Affairs and International Trade, on Zimbabwe’s participation at Expo 2020 says exports from Harare to Abhu Dhabi totaled US$833 million in the first three months.
Shamu undertook the visit to Dubai Expo 2020 from March the 13th to the 17th 2022, at the invitation of the ZIDA.
The visit was reportedly part and parcel of Parliamentary diplomacy that sought to deepen and strengthen ties between Zimbabwe and members of the international community.
Trade between Zimbabwe and the UAE grew to over US$1,6 billion in 2020 with the UAE becoming the number two recipient of Zimbabwe’s exports behind only South Africa; Harare’s largest trading partner.
Shamu said Hassan Al Hashemi, vice president responsible for international relations, current and emerging business opportunities at Dubai Chamber of Commerce, gave an overview of trade and investment opportunities available for both countries.
He noted among the key highlights by Al Hashemi was the blossoming trade ties between the African and Middle Eastern country, which saw a quantum leap in the value of trade in only a few years.”
Between January and March 2022, Zimbabwe had exported goods and services valued at US$833million to the UAE with minerals accounting for the bulk of the receipts.
“The Emiratis were encouraged to seek further investment opportunities in Zimbabwe where there is abundance of untapped potential in the various sectors of the economy,” Shamu said.
He also said Laurie Ward, a director in Albwardy Investments LCC (UAE), which operates in Zimbabwe as ASB Hospitality Zimbabwe and owns Meikles Hotel, gave strong recommendations for Zimbabwe as an emerging investment destination at the expo.
Further, Shamu noted that Stuart Lake, the chairman for Invictus Energy (Australia), an independent oil and gas upstream operator listed in Perth, which is developing the Muzarabani oil and gas project, also gave a positive report on the investment climate in Zimbabwe.
The compliments, Shamu said, were testimony there was a lot of appetite to invest in the Zimbabwean economy, with a number of investors showing a lot of interest to invest in the country.
“These include IntraPharm, which has a Memorandum of Understanding with the Ministry of Finance, PalladiumIP, a diaspora led initiative to bring back intellectual development platforms into Zimbabwe’s Special Economic Zones and Nivesall, a manufacturing company from Singapore, which plans to establish factories in Zimbabwe.
While local estimates put the value of trade between Zimbabwe and the UAE at US$1,6 billion, the Organisation for Economic Cooperation and Development at nearly US$2 billion.
During the last 25 years, exports from the United Arab Emirates to Zimbabwe have increased at an annualized rate of 23,2 percent, from US$799 000 in 1995 to US$147 million in 2020.
In 2020, Zimbabwe exported US$1,92 billion to the UAE.
The main products exported from Zimbabwe were gold ($1,68 billion), jewellery (US$83,7 million), and diamonds ($83,6 million). During the last 25 years the exports of Zimbabwe to the United Arab Emirates have increased at an annualised rate of 36,6 percent, from US$795 000 in 1995 to $1,92 billion in 2020.
