UAE and Zimbabwe look to boost mining, agriculture and energy investments and trade
The UAE and Zimbabwe are seeking closer economic and diplomatic ties as trade between nations reached $2bn last year.
Lovemore Mazemo, Ambassador of Zimbabwe to the UAE, said that the UAE and Zimbabwe have a growing relationship, with bilateral trade reaching $2bn in 2022.
Mazemo has expressed optimism about the future of trade relations between the two countries.
UAE-Zimbabwe trade
He said: “We look forward to a growing partnership with the UAE, and we are confident that our trade relations will continue to grow”.
The UAE is Zimbabwe’s second-largest trading partner, and it is poised to become their top trading partner in the near future.
Mazemo said: “We are pleased to see that Zimbabwean products have begun to make their way into the UAE market, and we are keen to collaborate closely, particularly in the domain of food security”.
Mazemo explained that both countries are working to develop a number of sectors, including agriculture, mining, and energy.
He noted that Zimbabwean investors are looking to expand their businesses in the food and agriculture sector in the UAE, and that Emirati investors are interested in expanding their businesses in Zimbabwe in a number of areas, including gold.
He explained that precious metals, gold, and diamonds currently account for about 80 per cent of trade between the two countries, followed by agricultural and food products.
In the context of investing in sustainable development, Mazemo said that the UAE is a pioneer in sustainable development investments and is a role model for positive investment in green energy and climate action, both in the UAE and in many countries, including Zimbabwe.
He confirmed that there are large investments that have begun to flow from the UAE and from companies registered in the UAE, especially in the field of solar energy.
Mazemo said: “We are grateful for this work, and I wish the UAE all the success in hosting the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28).
“We believe that it is the right host for this global event. The presidency of the conference has conducted a lot of consultations with all stakeholders around the world to ensure that everyone is involved in the work of the conference.”
In the context of climate action, Mazemo stressed the efforts being made in Zimbabwe to address climate challenges, led by Emmerson Mnangagwa, President of the Republic of Zimbabwe.
The goal is to protect agricultural products from drought, which is a major contributor to the country’s economy.
This is being done through the use of the best environmentally friendly agricultural practices and investment in irrigation facilities throughout the country to reduce reliance on rain and ensure sustainability given the global climate conditions.
Mazemo pointed to the role of small and medium-sized enterprises in promoting sustainable development of the country’s economy, and that their contribution is estimated at around 70 per cent of GDP.
He also pointed to Zimbabwe’s embrace of an open business climate, where the country hosts about 25 United Arab Emirates companies operating in various fields such as energy, pharmaceuticals, tourism, and hotels, in addition to a number of Zimbabwean companies, most of which operate in the real estate sector.
He confirmed that this cooperation contributes to the sustainability of the growth of investment and trade relations.
Source: arabianbusiness
