Home » Business » TRADE BETWEEN ZIMBABWE AND CHINA HITS 1.24 BILLION USD

HARARE, May 7 — Economic co-operation between China and Zimbabwe has been growing since independence in 1980 with the two-way trade volume reaching 1.24 billion US dollars last year, says Chinese ambassador to Zimbabwe Lin Lin.

Speaking at a ceremony to mark the 35th anniversary of the establishment of diplomatic relations between the two countries here Wednesday, the ambassador said bilateral trade doubled last year from 562 million recorded in 2010.

“Since 1980, we have successful cooperation on economic development and our trade and investment volumes have been expanding.”

Lin said tobacco and cotton accounted for more than 70 per cent of Zimbabwean exports to China. In 2013, Zimbabwean exports to China amounted to 688 million USD while imports from China totaled 414 million USD during the same period.

Foreign Affairs Minister Simbarashe Mumbengegwi told the same gathering that Zimbabwe remained grateful for Chinese investments into the country. “We are grateful for the Chinese response to our quest for investment in the various sectors of our economy,” he said.

“We are gratified by China’s investment in energy, mining, agriculture, tourism, infrastructure and indeed in many others sectors of our economy.”

Zimbabwe, which has close ties with China, has over the years been seeking Beijing’s financial assistance to stabilize and grow its economy which has been battered by more than ten years of sanctions that Western
countries imposed as punishment for implementing agrarian reforms.

The sanctions, estimated to have cost the country more than 42 billion USD over the last decade, prompted the Zimbabwe government to turn to Asia, particularly China, for both trade and investment to overcome the
embargo.

Last August, President Robert Mugabe visited China where he clinched mega deals to fund infrastructure development and rehabilitation.

SOURCE: NEW ZIANA

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