HARARE – President Cyril Ramaphosa has asked for the elimination of trade barriers and a conducive investment climate for South African companies investing in Zimbabwe.
Ramaphosa is currently in Zimbabwe for a Bi-National Commission meeting between the two neighbouring countries. The two countries enjoy strong trade ties, with South African investors such as Impala Platinum, Tongaat Hulett, Pick n Pay and Nedbank among others having a heavy presence in Zimbabwe.
Ramaphosa said he was encouraged by the “participation of South African investors in banking, retail, mining and services amongst others” in the Zimbabwean economy.
“There are good prospects for both of our countries but there is also a need to ensuring ease of doing business and elimination of trade barriers,” Ramaphosa said.
South Africa is Zimbabwe’s biggest trade partner, with South African banks also playing a key role in supporting productive sector companies in Zimbabwe. However, there have been concerns that Zimbabwe is not protecting investments and calls are growing for President Emerson Mnangagwa to sort out policy certainty in order to attract fresh funding and secure current investments.