Leonard Ncube in Victoria Falls
THE Confederation of Zimbabwe Industries (CZI) yesterday signed a memorandum of Understanding (MoU) with the Confederation of Indian Industries (CII) to enhance production and trade relations between the two countries.
CZI president Mr Sifelani Jabangwe signed the pact on behalf of the local industry body while Mr Ranjan Pendarkar appended signature for CII at the ongoing CZI 2017 annual congress and international investment forum, which opened here yesterday.
The MoU comes into effect immediately and will be valid for a period of one year subject to renewal with consent from both parties.
“This MoU seeks to enhance economic relations and propose to the respective governments measures and mechanisms to promote exports on the basis of mutual interests to avoid any imbalances, which may affect the relationships between India and Zimbabwe,” reads part of the document.
Both parties desire to continue working together to promote business interests of their members.
“Through this MoU, both parties are to continue developing exchange of economic information between the two institutions and to organise trade missions and to cooperate through organisation of conferences and other forms of trade events for the promotion of trade industry and services of both countries.
“The agreement shall come into force with immediate effect and will be valid for a period of one year and may be renewed by mutual consent for such future terms as may be beneficial to both parties.”
The MoU is expected to open gateways for trade and services exchange programmes.
It also encourages industry from both countries to participate at trade fairs and reciprocal trade visits while also consulting each other on trade and services issues.
“As part of renewal of this agreement, the two institutions shall undertake to provide mutual institutional support, the methods of which shall be mutually agreed. Both will share information and data pertaining to financial data, marketing strategies, business policies, guided by confidentiality,” it said.
In case of misunderstanding, senior leadership of both parties shall address such while in the event that one of the parties want to end the relationship, it shall do so with a notice of 30 days but both parties will have to make efforts to complete any outstanding projects before the party that wishes out does so.
Both parties agreed that future discussions about different projects and initiatives may be added to the MoU by way of addendums and the same shall form integral part of the agreement.
However, each party will bear costs of carrying out the obligations unless otherwise specifically agreed in writing, read part of the MoU.
Meanwhile, Indian Ambassador to Zimbabwe Mr Rungsung Masakui challenged Indian businesses to embrace the opportunity presented by Zimbabwe through the Special Economic Zones.
Victoria Falls Mayor, Councillor Sifiso Mpofu said the resort town was open to partnerships as it strives to develop through the SEZ as well as through tourism, which is the town’s pull factor.
More than 100 delegates, some from Ethiopia, India and Turkey are attending the congress which ends tomorrow under the theme: “Growing manufacturing competitiveness: Realities and Realignment.”