Zimpapers Logo

From Kuda Bwititi in YOKOHAMA, Japan
Zimbabwe’s has been presented with a lucrative opportunity to export goods to Japan after ZimTrade signed a Memorandum of Understanding (MoU) with Japan External Trade Organisation (JETRO), to promote mutual trade and investment between the two countries.

President Mnangagwa witnessed the signing of the private sector arrangement on the sidelines of the Tokyo International Conference on African Development (TICAD) summit.

ZimTrade chief executive Mr Allan Majuru and JETRO’s executive director Mr Hiroyuki Nemoto signed the MoU on behalf of the two organisations.

The signing of the deal came after Japan’s Prime Minister Shinzo Abe directed private companies in his country to ratchet up investments in Africa, after Japan businesses invested US$20 billion on the continent in the past three years.

JETRO is one of the largest business organisations in Japan that connects companies to business opportunities around the world.

Speaking after the signing ceremony, Mr Majuru said ZimTrade will immediately start to work on unlocking potential openings for exports from Zimbabwe to Japan.

“This is a very positive development that will be mutually beneficial to both parties. What is most significant is that the private sector now have a ready and large market for products.

“Japan is a large economy and presents a colossal market for Zimbabwe’s private to tap into. We have been trading with Japan in small numbers, but this agreement will pave way for us to up our game,” he said.

Mr Majuru said the MoU will eliminate any stumbling blocks to the smooth flow of trade between private players from the two countries.

He said potential export markets that are latent in Japan for Zimbabwe include flowers, citrus, organic foodstuffs, honey, artefacts and fresh produce.

According to the MoU seen by The Herald, the objectives and scope of the agreement are to “facilitate collaboration and cooperation between the parties in matters of common interest and to establish the working arrangements necessary for implementation.”

ZimTrade and JETRO also agreed to “collaborate with each other to promote and strengthen trade relations between public and private sector institutions and operators, in sectors to be mutually agreed, with a view to expand trade and investment between Zimbabwe and Japan.”

In previous years, Zimbabwe has been exporting raw commodities to Japan while importing finished products.

Some of the country’s major exports to Japan in 2018 were ferro-alloys, vermiculite, unmanufactured tobacco, cotton, waste and scrap of precious metals.