Business between Zim & India set to increase

By Stanley James Business Editor
ZIMBABWE and India-based companies are targeting more joint ventures as part of efforts to strengthen economic cooperation.
Economic cooperation between Zimbabwe and India has seen focus shifting to boosting trade ties.
Zimbabwe-India Chamber of Commerce president, Mr George Chitsinde outlined the importance of the rise in economic cooperation and its impact on overall economic growth.
“The rise in the presence of companies from India is a clear testimony of how we intend to strengthen our ties, so lets look into that aspect with more positivity to further consolidate current gains,” he said.
For Zimbabwe Investment and Development Agency Chief Investments Officer, Mr Tino Kambasha, India is ranked in the top five of Zimbabwe’s overall project approvals.
“The rise in project approvals from India is something that we really appreciate because latest statistics show that over US$40 million projects approvals from that country were approved during the just ended year,” he said
The past few years have also seen several business delegations from Zimbabwe and India being involved in talks to find each other, focus on further business cooperation identifying strategic markets.
Despite the existing challenges in the level of trade between Zimbabwe and India, focus is now on how the two countries can balance the trade ties.
Statistics show that India is still enjoying a trade surplus from Zimbabwe, a move that has also seen local industries exploring more export markets into that country.
In the past few years, Zimbabwe has seen more investment from India in the fields of pharmaceuticals, mining, agro-processing, cooking oil and manufacturing, among others.
Zimbabwe’s main exports to India include unprocessed diamonds, tobacco, tea, cotton, coking coal, precious metals, jewellery, furniture, plastic and rubber products.

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