Zimbabwe business opportunities entice Turkey investors
Sikhulekelani Moyo, Business Reporter
POTENTIAL investors from Turkey are keen to tap into business opportunities offered by Zimbabwe and believe the country has huge potential especially in the agro-processing sector and mining.
A Turkish senior business representative, Mr Sinan Gultekin, said this yesterday during the Zimbabwe and Turkey business webinar which was hosted by ZimTrade.
The two countries are keen to increase collaboration towards unlocking new investment and trade opportunities for mutual economic benefit.
This has seen Zimbabwe and Turkey exchanging business and trade linkages with teams from both countries exploring areas of potential impact.
In his presentation, Mr Gultekin said trade between the two states was around US$31 million in 2021 while more than US$27 million was recorded in the first months of the year with a target of clocking US$40 million at the end of the year.
“Zimbabwe’s economy relies mainly in mining and agriculture and opportunities include mining and mineral beneficiation, power generation, renewable energy, infrastructure and manufacturing especially textiles,” said the Turkish official.
“I would like to single out agriculture in particular, Zimbabwe has been excellent in increasing its production and it’s one of the developing countries that has not been affected by Russia-Ukrainian war in terms of food security,” said Mr Gultekin.
“So, we can assume that entrepreneurship can perform well in Zimbabwe.”
The official said strong investment relations between Zimbabwe and Turkey have the potential of bringing in increased cooperation that will change economies of both parties and develop sound industrial value chains between the two nations.
Speaking at the same event, Zimbabwe Investment and Development Agency (ZIDA) chief facilitator, Mr Never Nyemudzo, said there were vast opportunities in the mining sector and potential to partner with Government organisations, which are in charge with mining operations.
“Zimbabwe has over 55 internationally tradable minerals. There is an opportunity for prospecting and exploration, mining and value addition in terms of cutting and polishing and there is potential for investors to partner with ZMDC, which is in charge of mining operations,” said Mr Nyemudzo.
He said in terms of manufacturing, the country is pushing for more re-industrialisation to contribute more to the gross domestic product.
“Through the Ministry of Industry and Commerce we have revitalised most of the value chains, be it in cotton, leather and steel so that all the value chains are properly profiled so that investors can say in this value chain I choose to invest in this particular node,” he said.
Mr Gultekin also said Zimbabwe’s position in the region was strategic as it increases the country’s advantages from becoming a vital link in the regional value chains.
“Zimbabwe’s participation in the Africa Continental Free Trade Area (AfCFTA) will re-enforce its position of becoming an investment destination,” said Mr Gultekin.
The AfCFTA is an ambitious undertaking that brings together 1,3 billion people in 55 African countries to create the world’s largest free trade area as measured by the number of participating member states.
On final conclusion and implementation, its objective is the creation of an integrated market for the trade in goods and services and the free movement of people and capital.