A recent survey by trade promotion, ZimTrade, reveals that Zambia is a prime export market for local companies and should be tapped into in order to increase export revenue.
Zimbabwe’s export proceeds, averaging $6 billion annually, have largely remained stagnant over the years, with mineral commodities contributing at least 60 percent.
However, driven by the need to diversify and expand the country’s export base, ZimTrade undertook a survey of the Zambian market this Wednesday and gathered stakeholders to share their findings.
ZimTrade Chief Executive Officer, Mr Allan Majuru said Zambia has become increasingly lucrative and now offers vast export opportunities.
“Zambia is an export-oriented country with many multi-national mining companies in need of mining consumables and our local companies can take advantage of that,” said Mr Majuru.
Newly elected Confederation Of Zimbabwe Industries (CZI) President, Mr Henry Ruzvidzo urged local companies to expand their wings, although he emphasised that they should be equipped with relevant research information to be successful.
“Many local companies are content with operating locally without crossing borders, but Zambia has grown in terms of the purchasing power of its citizens,” he said.
Mr Kudzai Baloyi, representing prospective local exporters said the event was an eye opener in their quest to penetrate the Zambian market.
“I’m glad that this opportunity came at a time when we are thinking of expanding into the region and it was really an eye opener for us,” said Mr Baloyi.
Many local companies flounder when they attempt to export due to lack of appreciation of the market dynamics in foreign territories hence the need to undertake research so as to increase their success rate.