Nqobile Bhebhe, Senior Business Reporter
THE recently launched Zimbabwe Business Council which aims to promote Zimbabwean-owned companies registered in the United Arab Emirates is today set to attend its first ever inter-council networking.
The Dubai Chamber of Commerce established the Zimbabwean Business Council, with the main objective of promoting the commercial interests of Zimbabwe and Zimbabwean businesses in Dubai.
The launch of the Zimbabwe Business Council (ZIBCO) is in line with the Dubai Chamber’s plans to establish new country-specific business councils and expand their roles to boost UAE’s foreign trade while promoting cross-border business opportunities for member businesses and organisations.
Bilateral trade between UAE and Zimbabwe has recently witnessed strong growth, especially between 2019 to 2021.
For instance, UAE imports from Zimbabwe reached about US$ 2,3 billion in 2021 compared to US$ 1,5 billion in 2020 and US$ 904 million in 2019.
On one hand, UAE exports to Zimbabwe accounted for US$209 million in 2021. The main products of trade between the two countries are precious stones and metals.
Posting on its official Twitter handle yesterday, the Zimbabwe Business Council said it was looking forward to the engagement.
“On Wednesday the 25th of January 2023 we join other Business Councils for the 1st inter-council networking of 2023. Excited to start our journey on a high note,” it said.
On Monday, the Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers announced new sector-specific business groups for four economic sectors: Agribusiness, Furniture and Home Furnishing, Flower Traders, and Tyre Traders.
The Chamber plans to increase the number of sector-specific business support groups to 100 by March 2023.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said, “This latest raft of business groups is designed to encourage greater cooperation, mutual knowledge sharing and greater understanding of the synergies that exist between competitors in each sector, in terms of domestic, regional and international trading opportunities.”
Lootah said that the aim is to promote the development of UAE-based companies and raise the profile of business group members in the international business community.
The launch of the council further buttresses Zimbabwe’s economic diplomacy-focused foreign policy, which is anchored on engagement and re-engagement with the global community.
The Second Republic led by President Mnangagwa has embarked on an engagement and re-engagement drive as it seeks to be a friend to all and an enemy to none, so as to boost the economy and improve living standards in line with Vision 2030 of an upper middle-income society.