TRADE promotion agency, ZimTrade has urged local companies to connect with Zimbabweans in the diaspora to spur growth in the country’s exports. For the year 2022, official records show that the country recorded a trade deficit of US$1,96 billion for the period between January and November 2022, which is an increase from the US$1,4 billion recorded during the same period in 2021.
Saddled with such a higher import bill continuously trapping the local economy into a trade imbalance with the majority of its partners the country is desperately in need of more exports. In a recent update, ZIMTRADE CEO Alan Majuru called for harnessing the diaspora community’s vast potential in accelerating the country’s exports.
“We consider diaspora as strategic partners in driving Zimbabwe’s exports, some as consumers, others as marketers and distributors.
“As much as we see diaspora as families and friends, Zimbabwean businesses must also consider them as an easier route to market, based on familiarity with products back home and the dynamics in the markets they stay,” said Majuru.
The agency believes that an inclusive arrangement towards export growth that will ride on diaspora will contribute to the internationalization of Zimbabwe’s economy and local brands.
“There are several ways in which the diaspora can stimulate economic development in their countries of origin, which include facilitation of inward foreign direct investment and trade relationships.
“Members of the diaspora can become marketing agencies for domestic companies, and this is a powerful conduit through which they can continuously help development of local businesses,” said ZimTrade.
Facilitating transfer of technology, skills and knowledge, temporary assignments of skilled expatriates in origin countries, and the return of emigrants with enhanced skills and new knowledge can also contribute to the economic development of the country of origin, and in turn export capacity.
The agency believes that it is easy for Zimbabwe’s diaspora to assume these roles given the existing social ties with businesses and families back home, where they can become brand champions of the country and local products.
“For instance, Zimbabwean nationals in other countries, particularly in Botswana and USA, can help challenge the global narrative regarding Zimbabwe that is dominated by discussions of economic decline.
“As brand ambassadors, the Zimbabwean diaspora can help sell Zimbabwe as a source of quality products,” added ZimTrade.
Source NewZimbabwe
