Trade promotion body ZimTrade is hosting an eight-member Tanzanian business delegation, which is seeking to make orders from local companies.
BY TATIRA ZWINOIRA
The buyers are drawn from pharmaceuticals, agricultural implements and inputs sector companies. The visit ends today.
In the opening remarks at a meeting between the buyers and local companies in Harare on Wednesday, ZimTrade chief executive officer Sithembile Pilime said the visit followed a market survey that ZimTrade carried out in Dar-es-Salaam in April 2016.
“There is scope for growth in trade between Zimbabwe and Tanzania. According to Trade Map, total trade between the two countries grew by an average of 18%, from $7,95 million in 2012 to $12,86m in 2015,” she said.
“In 2012, Tanzania’s imports from Zimbabwe were $2,9 million, while its exports to Zimbabwe were $5,02m. By 2015 the figures had improved with Tanzanian imports from Zimbabwe reaching $5,7m, while recording $6,3m as exports to Zimbabwe.”
She said the survey identified the pharmaceutical and agricultural sectors as some of the sectors with potential for business between the two countries.
The visit attracted an attendance of over 80 local businesses, who were engaging the eight-member delegation to offer their products.
One advantage highlighted during the visit for local exporters was accessing foreign currency.
Under Tanzania’s regulatory framework, banks and financial institutions are allowed to provide access to foreign currency facilities to importers from that country in respect of all current account payments.
“Banks are expected to observe normal prudent banking practices when availing foreign currency to residents.
Supporting documents including invoices, shipping documents, clean report of findings for goods subject to pre-shipment inspections, etc, to be submitted to the bank for foreign payments,” a representative from the delegation said.
The visiting Tanzanian business delegation has already made a few orders with some of the local participants who attended the Inward Buyer Mission from Tanzania.