The European Union Delegation in Zimbabwe hosted a high-profile EU Private Sector Dialogue Seminar in Harare, highlighting key opportunities for trade and investment between Zimbabwe and the EU.
According to an EU Press Release, the event brought together representatives from EU businesses with a presence in Zimbabwe, Zimbabwe private sector players, key Zimbabwean private sector organizations (CZI, ZNCC, WABAZ, NBCZ), banker associations (BAZ), investment promotion agency (ZIDA), and trade promotion agency (ZimTrade) for a discussion aimed at unlocking Zimbabwe’s economic potential through enhanced EU-Zimbabwe collaboration.
In his address, Ambassador of the European Union H.E. Jobst von Kirchmann said:
We are committed to deepening our economic partnership with Zimbabwe through more trade and investment based on the EU – Zimbabwe Economic Partnership Agreement and our Global Gateway initiative.
Today’s seminar underscores our collective efforts to overcome challenges and seize opportunities for sustainable development and mutual prosperity.
Together, we strive to create an environment conducive to investment, innovation, and inclusive growth in Zimbabwe.
Many participants were unaware of the full benefits offered by the existing EU-ESA Economic Partnership Agreement (EPA), which is aimed at boosting trade between the EU and Zimbabwe and Zimbabwe’s export potential. It offers duty-free access to the vast EU market.
The event also shed light on the EU’s ambitious Global Gateway initiative, a plan designed to unlock €150 billion in public and private investments in Africa.
Zimbabwe has already benefited from certain Global Gateway investments such as the Kariba dam rehabilitation.
EU large-scale sovereign lending is currently on hold because of Zimbabwe’s arrears of US$17,7 billion. However, there is a range of financial instruments available through Development Financial Institutions (DFIs) like the European Investment Bank (EIB) to support private sector investments in Zimbabwe.
The EU said these instruments offer de-risking guarantees for private sector investments, making Zimbabwean projects more attractive to European investors.
Detailed information was provided on the EIB’s successful €40 million Private Sector Facility, including eligible sectors and project qualification criteria, which will be useful as there are plans for other future private sector facilities.
Representatives from CABS, First Capital Bank, and NMB Bank, beneficiaries of the EIB facility credit lines, were present to answer questions from potential borrowers.
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