Home » Business » ZIMBABWE-CHINA TRADE TO REACH 2.0 BILLION USD

HARARE, Nov 25 (NNN-NEW ZIANA) — The total annual trade between Zimbabwe and China is expected to reach 2.0 billion US dollars by 2020, buoyed by increasing economic co-operation between the two countries, says the Commercial Counselor at the China’s Embassy here, Chung Feng.

He told a Zimbabwe-China business conference here Tuesday that trade between the two countries was poised to grow. “We are targeting trade volumes to reach 2.0 billion USD by 2020 and this is an achievable target as most Chinese companies see Zimbabwe as a main
destination for investment,” he said.

Speaking at the same event, Ministry of Commerce Deputy Director-General for Foreign Trade Zhi Luxun said total Chinese investment in Zimbabwe in 2014 had reached 1.58 billion USD.
“The new investments in 2014 totalled almost 60 million USD. This certainly created a lot of employment of at least 10.000 job opportunities.”

Some of the projects being funded by China include expansion of the Kariba South power plant, the 218 million USD NetOne network expansion project and the upgrading of the Victoria Falls Airport.

Zhi said the economies of the two countries were complementary and that prospects for increased co-operation were promising.

Zimbabwe’s Industry and Commerce Minister, Mike Bimha, told the conference that
the government would constantly review the country’s investment climate to lure more foreign investment.

Bimha said Zimbabwe welcomed foreign investment from China on a win-win situation, highlighting that opportunities lay in areas such as food processing, metals and electricals, and pharmaceuticals among others.

“Zimbabwe greatly appreciates the support and co-operation it is receiving from China. We hope this co-operation will continue in the foreseeable future for the benefit of the people of Zimbabwe, China and the rest of the world,” he said. — NNN-NEW ZIANA

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