Zimbabwean President Emmerson Dambudzo Mnangagwa has stressed that the trade and investment partnership between Rwanda and Zimbabwe must yield increased trade volume between both countries.

Mnangagwa made the observation on Monday, March 28 while opeining the second edition of Zimbabwe-Rwanda Trade and Investment conference in Harare.

The inaugural edition which took place in Kigali, last year, saw a total of five agreements signed as part of the efforts to deepen economic ties between the two countries.

"The conference gives impetus to our quest to strengthen our commercial ties and accelerate the implementation of mutual programmes and projects towards improving the standards and quality of life of the people of Rwanda and Zimbabwe,” President Mnangagwa told both delegations.

He added, "This timely visit to Zimbabwe demonstrates the focus, determination and commitment to the prime objectives we set for ourselves with regards to broadening the trade and investment partnerships between our two countries.”

The chairperson of the Rwanda Private Sector Federation Robert Bafakulera and the president of the Zimbabwe National Chamber of Commerce Tinashe Manzungu sign a Cooperation Agreement in Harare on March 28,2022.

The conference, under the theme ‘explore, invest and export’ is organized through a partnership between ZimTrade - the Zimbabwean Trade Development and Promotion Organisation – and Rwanda Development Board (RDB).

"The cordial, fraternal and excellent relations between Rwanda and Zimbabwe should continue to spur growth of business across various sectors of our respective economies.”

President Mnangagwa asserted that it should be a collective responsibility to shift the historical trend which was characterized by low trade volumes between both countries despite the existence of huge potential.

"Now is the time to actualize the various agreements between our two countries while improving the efficacy in our trade and economic competitiveness. A sustained private shift within our countries’ respective industry and commerce ecosystems must be pursued with greater focus and vigor.”

At the continent level, Inter-African Trade and Investment which saw trade volumes growing in 2020 to $120 billion, is a clear reflection of the opportunities within our continent Africa, he added.

Ron Weiss, the REG Chief Executive Officer and his Zimbabwe counterpart sign an agreement in Harare 

The conference, President Mnangagwa said, should result in the crafting and refining of models to nurture, entrepreneur skills and grow businesses.

"This must take account of the ongoing fourth industrial revolution. Which includes research and development. Innovation, entrepreneurship, as well as building resilience and adaptive capabilities.”

Fast track business growth

Minister of Trade and Industry Beatha Habyarimana, who is also leading Rwanda’s delegation said that the conference comes at a time when both countries are dodging improved bilateral relations.

"Our corporation has indeed grown exponentially in the last five years. With several agreements signed in various sectors. Such as education, energy, agriculture, mineral resources, ICT, tourism as well as political consultation.”

Minister Habyarimana also said that the investment conference is timely in the current continental and international context.

The Covid-19 pandemic had a significant impact on our African economies. In addition to lives lost, the current crisis between Russia and Ukraine worsens the situation, she asserted.

However, Habyarimana said, if there are two important lessons the Covid-19 pandemic has shown us, it is of vital importance to have a close collaboration among nations in facing global challenges, secondly the urgency of Africa’s self-reliance.

Zimbabwe President Emmerson Dambudzo Mnangagwa delivers remarks during the opening of Rwanda-Zimbabwe Trade and Investiment conference in Harare on March 23. Courtesy

"Hence reinforcing trade and investment in our countries on the continent is essential.”

Habyarimana urged both business delegations to take stock of the implementation of the signed MoUs.

"We’ll assess if joint ventures have happened. We identify bottlenecks and discuss ways to further facilitate investments between the private sectors of our two countries. We need to fast track the business growth in both countries.”