HARARE, Nov. 20 (Xinhua) -- Zimbabwe's quest to transform into a knowledge-driven and substantially industrialized upper-middle income economy by 2030 is achievable through deepening ties with China, Zimbabwe's Minister of Foreign Affairs and International Trade Amon Murwira said Wednesday.
"This transformation is achievable if we deepen our economic cooperation with the People's Republic of China as our strategic partner for the mutual benefit of our societies and economies in which our people enjoy prosperous, effective, and fulfilling lives," said the minister in a speech read on his behalf at the Zimbabwe-China Business Forum held in Harare, the capital of Zimbabwe.
Government officials and members of the Zimbabwean and Chinese business communities widely attended the forum, organized by Zimbabwe's trade promotion agency ZimTrade, which serves as a platform for the two sides to enhance cooperation.
Murwira said this year's forum comes at a time when trade between China and Zimbabwe has registered significant growth.
"On the other hand, China's importation of mineral ores, macadamia nuts, tobacco, arts and crafts, leather products, and citrus fruits is gathering momentum, and we hope China will complement our efforts with value addition and beneficiation of our commodities," said Murwira.
Trade between China and Zimbabwe received a significant boost following the signing of a trade protocol between the two countries during the Summit of the Forum on China-Africa Cooperation held in September, he said.
Bilateral trade between China and Zimbabwe hit a record high of 3.12 billion U.S. dollars in 2023, reflecting a 29.9 percent increase from the previous year, according to the Chinese Embassy in Zimbabwe.
Murwira acknowledged the significant contribution of the Chinese government and private Chinese investors towards bringing in foreign direct investment in sectors such as mining, agriculture, information and communications technology, construction, and transport.
"Zimbabwe has benefited from concessional and commercial loans from the China Eximbank aimed at transforming our industrial base. This investment has not only boosted our economy but has also created jobs and improved the lives of our people. We remain open to inflows of foreign direct investment from China, and we envision becoming China's leading economic, technological, and industrial development hub in southern Africa," he said.
He assured Chinese investors that Zimbabwe is most welcoming and open for business, saying the country has already created an enabling environment for business ideas and investments to thrive.
The opportunities that are bound in Zimbabwe also offer a springboard for Chinese businesses to manufacture products for the Southern African Development Community, a regional bloc, as well as the African continent under the African Continental Free Trade Area market, said Murwira.
Speaking at the forum, ZimTrade Chief Executive Officer Allan Majuru said Zimbabwe is on an ambitious path of export development, aiming to diversify its economy, increase foreign exchange earnings, and strengthen its global trade footprint.
"We are well endowed with a wealth of natural resources, from minerals to agricultural produce. However, to fully realize the value of these resources, we must work together to build industries that add value within Zimbabwe and aid our resolve to build an export-oriented economy. We see in China not only a trade partner but a vital source of expertise, technology, and investment, all of which are integral to our aspirations for growth," said Majuru.
In addition, Majuru said there are vast opportunities for Chinese businesses in the agriculture sector.
"Investments in areas such as horticulture and high-value crops like macadamia nuts, avocados, and citrus fruits will not only boost Zimbabwe's export portfolio but will also provide a steady and reliable supply of premium produce to the Chinese market," he said.
