Zimbabwe has been granted the African Trade Insurance Agency (ATIA) status in a move that is expected to assist local firms in increasing exports within the continent and improving the countryâ€™s image as a safe trading destination.
The country will now gain access to insurance facilities, which cover commercial risks, a development expected to improve Zimbabweâ€™s business profile in terms of investment and export growth.
The granting of the ATIA status to Zimbabwe comes when the economy is on a recovery path and efforts are being made to increase exports in Africa in order to unlock revenue inflows in the economy.
A Chirundu Trade Centre Project Co-ordianator, Mr George Chiromo says theÂ Â ATIA status is important in terms of enhancing the countryâ€™s competitive edge in terms of doing business and trade with other countries within the continent.
â€œThis is a positive set in the right direction and we hope this will translate into increased growth opportunities,â€ said Mr Chiromo.
An economic commentator, Mr Godfrey Dupwa says the granting of the ATIA status to Zimbabwe defies the latest International Finance Cooperation (IFC) report, which has ranked the country as one of the least in terms of business safety and viability.
â€œWe are happy and this is really good for the export industry which is still in need of fresh funds,â€ said Mr Dupwa.
The local export industry is in the process of crafting an export revival policy that seeks to solve challenges affecting firms in terms of increasing productivity, as well as adding value to commodities, with a view of increasing market shares in regional and external markets.