Zimbabwe and India are reviewing bilateral trade and investment ties to identify factors slowing down growth and possible business opportunities in strategic productive sectors.
With more than 64 Indian-based companies having established projects in Zimbabwe during the past few years, the low volumes of trade have, however emerged as an area of concern.
Indian ambassador to Zimbabwe Mr Rungsung Masakui says possible strategies to increase bilateral trade are being considered.
“We are reviewing several trade agreements so that we identify the current challenges as trade remains stagnant. There are however opportunities that still need to be exploited in the short to the long term,” he said.
Zimbabwe India Chamber of Commerce president Mr George Chitsinde says with the government embarking on key economic reforms, a review of trade agreements is also critical in ensuring that Indian business people understand the necessary steps being put in place to restore confidence in the economy.
“Several reforms are being undertaken by the government and it is our duty to tell the Indian business community about the implications of such moves as the nation gears towards painful but prosperous reforms,” he said.
Zimbabwe’s major imports from India include pharmaceuticals, base metals, chemicals, machinery and electrical components such as transformers, calibrating meters and electric conductors. Notably, Indian companies continue to maintain their presence in Zimbabwe, mainly in the food, beverages, pharmaceuticals, agro-processing and cooking oil production sectors among others.