Zimbabwe is set to benefit from more than US$500 million in investments across several economic sectors from a group of African-American-owned businesses that have set their sights on the local market.
A delegation of members of the Atlanta Black Chambers (ABC) Global Opportunities Committee is in the country for a week on a visit aimed at promoting trade, investment, economic and cultural exchange between Zimbabwe and the United States.
The ABC team, made up of investors and experts in fields including agriculture, real estate, manufacturing, mining and biotechnology, forms part of a broader mission that includes visits to South Africa and Zambia.
It is expected that several memorandums of understanding will be signed between ABC and Zimbabwean companies and business associations during the visit.
Speaking at a press conference in Harare yesterday, Chairman of the Global Opportunities Committee, Mr. Ricardo Peiris, said their main goal is to build relationships and do business in Zimbabwe.
“Please understand that when we meet with you over the next few days, we want you to ensure that when we come back, we will come back with a story, with a message to tell our members that Zimbabwe is open for business. That the new Zimbabwe is ready for their business. And this is something we are just starting to do.
“It’s amazing what you have here in this country and I hope you see the value in that because we see that value too and that’s a big part of why we’re here.”
He said the ABC Consortium has a vision to generate US$100 billion worth of transactions for its members and Zimbabwean businesses can also benefit from this business opportunity.
International trade expert Ms Shakwana Teasley, who is also part of the US delegation, said it was important that the business generated during the visit would be mutually beneficial for both US and Zimbabwean companies.
“We can come to Zimbabwe and we can have good relations but what we want to see is successful business and that happens through positive trade initiatives,” she said. “It is important that we have a trade expert to make sure that both parties get the real benefit of importing and exporting so that we can see “Growth and development of our Chamber and the mutual relationships we are building throughout Zimbabwe.”
Ms. Teasley expressed her hope that subsequent partnerships would not be hampered by bureaucracy and red tape.
Engagements between the ABC and the CEO Africa Roundtable, who are hosting the mission along with the Zimbabwe Investment and Development Agency and the Confederation of Zimbabwe Industries, were facilitated by the Zimbabwean Embassy in the US when staff visited Atlanta in May last year.
Besides operationalizing President Mnangagwa’s slogan that Zimbabwe is “open for business,” the mission will also leverage ABC’s experience to change the narrative about Zimbabwe as an investment destination for American companies.
Zimbabwean Ambassador to the United States Tadawes Chifamba said this engagement was part of the government’s engagement with the Diaspora Community Initiative.
“Our message was that Zimbabwe’s future does not depend on aid but on mutually beneficial partnerships, and we highlighted the many investment opportunities that Zimbabwe has to offer. Along with our natural resources, our flora, fauna and human capital are among the best and highly Adaptability and efficiency.
“It is important that, while you are here, you start to appreciate the difference between what you hear on the news and the actual reality in Zimbabwe. We have been receiving very hostile press for a long time and this opportunity will create a new understanding and a new perception of Zimbabwe that I hope you can share with the members,” he said. global chamber.
The ABC’s mission aligns perfectly with the Africa Roundtable CEO’s commitment to strengthen cooperation and drive sustainable economic growth and development in Africa, said Africa Roundtable CEO, Mr. Oswell Benha.
“The visit of Atlanta Black Chambers is a testament to the growing interest in Zimbabwe’s business scene and recognition of its potential as a vibrant market for international cooperation. This therefore serves as an opportunity to improve the current low volume of trade in goods, which has failed to reach US$1 billion over the five years In the past, between the United States and Zimbabwe.
“We believe that initiatives such as these play a critical role in promoting inclusivity, diversity and economic empowerment. By connecting African diaspora communities to their countries of origin, we can leverage their expertise, resources and networks to drive sustainable development and create shared prosperity.
He praised the government for its role in facilitating the US mission’s visit, which he said was the beginning of a fruitful and lasting relationship between Atlanta and Zimbabwe.
The ABC delegation is also accompanied by the Manufacturing, Production and Infrastructure Investments (IMPI Inc) consortium of Zimbabwean scientists seeking to build a biotech city in Zimbabwe.
The IIIP group met President Mnangagwa on the sidelines of the 78th National General Assembly of the United Nations in New York in September last year, and he assured them of the government’s full support.
The group has since been successfully registered in Zimbabwe as IMPI Biotechnology Consortium (Pvt) Ltd and has applied for an investment licence, which is currently being processed by ZIDA. They are also looking forward to finalizing the land rendering, marking the beginning of the project.
IMPI Inc. also identified key companies based in the United States that are ready to establish their subsidiaries in the Biotechnology City within the framework of the first phase of the project, which will have an investment of approximately 100 million US dollars.
“We are actually raising about US$70 million to put into that city,” said IMPI Chairman Dr. Tawanda Gumbo. “We would like the majority of that investment to be from Black people. As we have learned during the COVID-19 pandemic, those who control medicines, are the ones who “They control life, and it’s a do-or-die situation but it’s also an amazing economic opportunity and an amazing way to think about black people in general controlling the whole world. One of the major wealth sectors of the future.”
