Vice President Dr. Constantino Chiwenga arrived in Paris yesterday and promptly commenced discussions with over 30 companies under the Movement of Enterprises of France (MEDEF) International, the leading arm of France’s economic diplomacy.
VP Chiwenga also met with a business delegation from BRGM, a geological survey company.
In response to MEDEF’s expressed interest, VP Chiwenga welcomed the European Union’s (EU) recent removal of most punitive measures on Zimbabwe, viewing it as a positive step towards international collaboration and economic growth.
“I appreciate the removal of most EU restrictive measures in 2023, which paves the way for greater collaboration with Zimbabwe,” VP Chiwenga said. He emphasized that Zimbabwe’s new path as “a friend to all and enemy to none” would aid in settling its arrears.
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He reiterated Zimbabwe’s readiness to enhance relations with France, emphasizing the country’s openness to investment across all sectors, including artificial intelligence, ICT, agriculture, infrastructure development, and energy transition. He also highlighted the need to leverage continental trading blocs like the EU and AfCFTA to enhance trade.
Zimbabwe has established the Zimbabwe Investment Development Agency (ZIDA), a one-stop service center aimed at simplifying the investment process. To address its debt issues, Zimbabwe launched an arrears clearance and debt resolution platform with former Mozambican President Joachim Chissano and African Development Bank (AfDB) President Dr. Akinwumi Adesina leading the initiative. Significant progress has been made in restructuring the country’s debt since the platform’s launch.
VP Chiwenga noted the expanding presence of French businesses in Zimbabwe, citing companies like Peugeot, TotalEnergies, and Lafarge as household names. He highlighted new investments, including Propaco’s credit lines to private companies, Lima Grain’s investment in Seed Co, Lesaffre’s takeover of Anchor Yeast, and HDF Energy’s partnership with ZETDC to establish Zimbabwe’s first hydrogen power plant.
He updated France’s economic diplomacy arm on Zimbabwe’s efforts to stabilize its economy, including the introduction of the Zimbabwe Gold (ZiG) currency, which has contributed to economic stability. VP Chiwenga called for enhanced trade between the two countries, stating that current trade levels fall short of their full potential and emphasizing the need to capitalize on France’s large economy and Zimbabwe’s abundant natural resources.
VP Chiwenga also congratulated France on hosting the 2024 Olympic Games, set to begin on August 1. MEDEF’s president of the sustainable cities taskforce, Mr. Gerard Wolf, announced plans to visit Zimbabwe in October, expressing a desire for good business partnerships and improving daily lives.
Following a separate closed-door meeting with VP Chiwenga, BRGM’s area manager for Southern and Eastern Africa, Mr. Eric Gomez, confirmed their commitment to establishing operations in Zimbabwe to enhance the country’s mining sector and improve agriculture production and groundwater management.
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