TRADE and investment ties between Zimbabwe and the European Union (EU) will top US$1 billion in the next few years as the parties are on the “right path”, the bloc’s ambassador to Zimbabwe said yesterday.
The US$1 billion target was revealed at the inaugural three-day EU-Zimbabwe Business Forum, which opened in Harare yesterday.
The forum seeks to improve bilateral relations, trade and investment opportunities between Zimbabwe and the EU.
“Over the past three years, EU-Zimbabwe trade has grown by 30%, reaching US$880 million thanks to the EPA [Economic Partnership Agreement], while EU foreign direct investment has nearly doubled, now at US$870 million,” EU ambassador to Zimbabwe Jobst Von Kirchmann said during the forum yesterday.
“I am confident that we are on the right path to hit the US$1 billion goal for both trade and investment with the EU.”
The EPA, signed in 2009, provides Zimbabwe with duty-free, quota-free access to the EU market.
The forum brought together over 300 business leaders, investors, policymakers and entrepreneurs from across the EU and Zimbabwe to explore practical avenues for commercial collaboration.
The forum was organised by the EU Delegation to Zimbabwe in partnership with the Zimbabwe Investment and Development Agency (ZIDA), ZimTrade and the Confederation of Zimbabwe Industries.
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It will run under the theme, Unlocking Sustainable Trade and Investment Under the Global Gateway Initiative.
The forum focuses on building partnerships, addressing challenges and identifying opportunities between the bloc and Zimbabwe, driven by the private sector.
It also seeks to promote sustainable infrastructure, inclusive business growth and job creation, marking a step towards a stronger economic relationship between the two parties.
The forum is hosting over 60 companies from 12 EU member States, namely, France, Germany, Austria, Finland, Poland, the Netherlands, Italy, Sweden, Belgium, Spain, Portugal and the Czech Republic.
These companies will meet with over 150 Zimbabwean firms through structured business-to-business sessions, dialogue panels and field visits.
The EU diplomat said the focus of the EU-Zimbabwe co-operation would be around horticulture, agriculture and agro-processing, renewable energy and mining value chains.
“Now is the time to invest in Zimbabwe. This is the moment to seize new opportunities. It is not blind optimism; it is grounded in the traction we are already seeing,” he said.
“We, as the European Union, want to partner with Zimbabwe, partnering for inclusive and sustainable business development. Together, we can unlock new opportunities, drive economic growth and build a prosperous future for all. The EU and Zimbabwe are no longer testing the waters. We are diving in.”
The diplomat also revealed that the European Union and Zimbabwe —together with Mauritius, Madagascar, Seychelles, and Comoros — were close to finalising a Deepened Economic Partnership Agreement.
However, he cautioned that no investment is risk-free.
“When companies make decisions, they weigh potential returns against the risks. They are not seeking zero risk, but predictability, the ability to manage risk.”
“In the sessions on trade, investment, finance and value chains, we aim to offer an accurate picture of where Zimbabwe stands. We do not want to oversell, nor do we want to scare people away.”
He called for data and insights that companies could use when deciding whether to invest.
Foreign Affairs and International Trade minister Amon Murwira revealed that the forum symbolised the growing co-operation between Zimbabwe and the EU.
He added that it also highlighted the shared commitment to fostering inclusive and sustainable economic growth through trade and investment.
“This forum is an opportunity to facilitate direct dialogue and networking between Zimbabwean businesses and their European counterparts,” Murwira said in a speech read on his behalf by an official from the ministry.
“We firmly believe it will serve as a catalyst for approaching concrete partnerships, leading to tangible investments, joint projects and the transfer of knowledge and skills that will benefit both economies.”
ZIDA chief executive officer Tafadzwa Chinamo urged investors to seize opportunities in energy, agriculture and mining.
