ZNCC courts Italian investors
THE Zimbabwe National Chamber of Commerce (ZNCC) will later this month lead a private sector mission to Italy to present the numerous business and investment opportunities available in the country.
ZNCC also said that the purpose of the mission to the European country also entailed understanding what was needed for successful cooperation between Italian and Zimbabwean businesses.
The missions will take place in Rome and Milan on February 21 and 22 and dovetails into President Mnangagwa’s vision of foreign direct investment driven economic growth and development.
To that end, the President was on a charm offensive of investors during the 48th edition of the World Economic Forum in Davos and engagements later in Zurich, Switzerland, where he held high-level meetings with top businessman as well as politicians.
This stems from the fact that FDI inflows into Zimbabwe were insignificant for nearly two decades, averaging $300 million to $400 million per annum, largely due to international isolation of the country.
ZNCC said the visit to Italy will focus on sectors which present the greatest potential for collaboration, such as agriculture and agricultural mechanisation (horticulture, packaging, food processing and irrigation), infrastructure (transport, water) and energy (traditional and renewable energy) as well as mining equipment.
“Its (mission’s) objective is to become acquainted with potential Italian partners in investment and trade and to inform them of the opportunities and challenges that characterize the Zimbabwean economy at this moment in time,” ZNCC said in a statement.
ZNNC said Italy presented a compelling case as the third largest nominal gross domestic product in the Eurozone and the eighth largest in the world.
“It is also a founding and leading member of the European Union and the member of numerous international institutions,” said ZNCC.
The Italian economy is driven, in large part, by the manufacture of high-quality machinery and consumer goods produced by small and medium-sized enterprises, many of them family owned.
Italy is a member of the G7 countries and is Europe’s second largest manufacturing economy and the seventh largest worldwide.
Apart from its recognised footprint in the infrastructure industry (construction of dams, roads and railways), Italy boasts expertise and cutting edge technology in a variety of sectors, particularly in agricultural machinery, food processing and packaging. It is the sixth largest importer of agricultural products in the European Union.
Zimbabwe presents limitless opportunities in a variety of sectors that include agriculture, mining (platinum, gold, diamond, nickel), manufacturing (food, textiles and furniture processing), tourism (hotels, airport infrastructure information communication technologies, banking and finance among others.