Siphakeme .Mnindwa
Judith Phiri, Business Reporter
ZIMBABWEAN businesses have been urged to prepare thoroughly to capitalise on the extensive trading opportunities that will arise once the African Continental Free Trade Area (AfCFTA) becomes fully operational.
The ambitious initiative aims to unite 1,3 billion people across 55 African nations, creating the world’s largest free trade area by number of participating states, with a combined Gross Domestic Product (GDP) exceeding US$3,4 trillion.
The AfCFTA’s primary goal is to establish an integrated market for goods and services, facilitating the free movement of people and capital across the continent.
In his keynote address at the Adventist-Laymen’s Services and Industries (ASI) Zimbabwe Convention in Bulawayo on Friday, Industry and Commerce Minister Nqobizitha Mangaliso Ndlovu called on local business to embrace and take advantage of vast trading opportunities presented by the AfCFTA.
“It is essential to recognise the significant opportunities this agreement (AfCFTA) presents for Zimbabwean industries. Rather than fearing harm, businesses should view AfCFTA as a catalyst for growth, innovation and regional integration,” he said.
“Rather than retreating into protectionism, Zimbabwe’s industries should embrace the AfCFTA as an opportunity to modernise, diversify and strengthen their global competitiveness. With the right strategies and Government support, local businesses can harness the full potential of AfCFTA, driving sustainable economic growth and long-term prosperity for Zimbabwe.”
He said with the background that intra-Africa trade accounts for just around 16 percent, it meant that more than 80 percent of trade that Africa was doing was with the rest of the world, a low hanging fruit that could be tapped into by to embracing AfCFTA opportunities.
Minister Ndlovu said this was provided that Zimbabwean businesses are able to address issues of competitiveness.
He added: “I am happy as an economy we have seen the private sector investing quite a lot in advanced technologies. We have also seen the Government investing in road infrastructure which is a key enabler to both regional and international trade, though it is still work in progress. The Government continues to identify strategic partnerships in this regard.”
The minister called on Zimbabwean businesses to begin planning now so that when AfCFTA is fully operational they are ready and the industries are in a position to take full advantage.
He said key infrastructure especially for transportation was the base enabler for trade to ensure logistics are in place to improve efficiency of goods coming in and going out.
“So our ports of entry and border systems all have to be modernised and I’m sure you have been following the partnerships that the Government is getting into to modernise these. A number of projects have also been done to modernise our road infrastructure,” he said.
In terms of rail infrastructure, Minister Ndlovu said it remains a challenge that the Government was seized with.
Zimbabwe West Union Conference (ZWUC) ASI president, Advocate Dumisani Dube said the Convention was an opportunity for all business people and professionals to put together their resources for specific projects.
“For example this year we are building a school in Cowdray Park from a special offering that we are going to come up with. There is also a big hospital which is being built in Nyazura (the second largest urban settlement in Makoni District in Manicaland Province) among a number of projects which we are undertaking,” he said.
He said the main duty of the ASI chapters in Zimbabwe was to assist the Seventh Day Adventist Church in its mission projects, while also positively contributing to economic growth in the country as well.
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