IN a bid to capitalise on the recent termination of broader US sanctions on Zimbabwe, businesses in the southern African nation are being urged to actively seek cooperation opportunities with international partners. Zimbabwe’s Minister of Foreign Affairs and International Trade, Frederick Shava, made the call during the opening of the Zimbabwe-US Business Forum held in Harare on Monday.
Shava emphasised, ‘Let’s take full advantage of the newly stated United States government position that American businesses are free to engage Zimbabwean business entities.’
The forum, which saw participation from various stakeholders, including government officials and business leaders, coincided with a visit from a nine-member delegation representing the Global Opportunities Committee of the Atlanta Black Chambers (ABC), a non-profit organisation based in the United States. The delegation is currently in Zimbabwe to explore investment prospects as part of a broader regional tour that includes South Africa and Zambia.
Highlighting the significance of the delegation’s visit, Minister Shava said, ‘The opportunity to leverage ABC’s experience could change the narrative about Zimbabwe as an investment destination for American businesses.’
Minister Shava’s remarks come after US President Joe Biden terminated the longstanding sanctions program on March 4, opening doors for renewed economic cooperation between the two countries. However, new sanctions were imposed on 11 individuals, including Zimbabwean President Emmerson Mnangagwa and Vice President Constantino Chiwenga, over allegations of corruption and human rights abuses.
Charge d’Affaires of the US Embassy in Zimbabwe, Laurence Socha, highlighted the shift in the US government’s stance, saying, ‘The new sanctions position presents an opportunity for American businesses, financial institutions, and investors to reconsider Zimbabwe’s markets.’
The ABC delegation’s visit aims to explore investment opportunities across various sectors, including real estate, manufacturing, insurance, information and communication technology (ICT), renewable energy, mining, and trade. Minister Shava underscored Zimbabwe’s desire to expand its export market to the United States, citing the need to enhance bilateral trade relations between the two countries.
Minister Shava noted, ‘Despite this significant increase, our exports remain very low and undiversified, failing to reflect the potential of both economies.’
However, some voices within Zimbabwe, like Obert Mpofu, the secretary-general of the ruling ZANU PF party, speculate that the revision of sanctions could be driven by ulterior motives, particularly in light of Zimbabwe’s abundant mineral resources.
In response to US accusations of corruption and human rights abuses, Zimbabwean Ambassador to the United States, Tadeous Chifamba, criticised President Biden’s administration, saying, ‘Even in the United States, blacks and other minority groups have fewer rights than whites. There is absolutely no justification for the continuation of these unilateral sanctions on Zimbabwe.’
As Zimbabwe seeks to navigate its economic trajectory in the wake of shifting geopolitical dynamics, the country remains poised to capitalise on emerging opportunities for international cooperation and investment.