Zimbabwe has been urged to diversify its export market as overreliance on South Africa is not sustainable as economic shocks in the African country will inevitably have a huge impact on the Zimbabwean economy.
Speaking at an export awareness seminar organised by ZimTrade for manufacturers of goods and service providers as well as Small and Medium Enterprises (SMEs) in Victoria Falls, ZimTrade Matabeleland regional manager, Mr Similo Nkala said:
We rely on South Africa, which accounts for 50 percent of market share and the United Arab Emirates with 20 percent share meaning that when South Africa catches a cold, we all sneeze. We need to go back to 1992 where we used to market in Italy, France, Germany, South Africa and many more so in times of trouble we would rely on others.
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Nkala added that ZimTrade has been conducting market research in the DRC, Germany, Malawi, Namibia, Angola, Botswana and Zambia which disclosed that there are opportunities which Zimbabwe can embrace.
This comes when Zimbabwe’s revenues are very low and inadequate to fund government operations.
More: The Chronicle