In April of 2015 we participated in the 55th edition of Zimbabwe International Trade Show (ZITF) that took place at the Zimbabwe International Exhibition Center in Bulawayo.
The Zimbabwe International Trade Fair (ZITF) is one of the largest intra-regional trade fairs South of the Sahara. An annual exhibition which offers exposure to both trade and public visitors, the multi-sectoral, multi-national expo provides a convenient trade hub for the region. Its location in Bulawayo, the center of Southern Africa, is at the crossroads of the regional trade and transportation routes.
Zimbabwe’s economy began declining in the 1990s and the situation became serious in the early 2000s. Rampant inflation caused bank notes to lose their value quickly. Today, Zimbabwe operates a multi-currency system, where foreign money such as the US dollar or South African Rand are used for trading. A number of factors led to the decline of the economy, including the aftermath of land reform, Zimbabwe’s involvement in the civil war of the Democratic Republic of Congo and the suspension of international loans and economic aid to the country.
However, over the last few years, the economy has begun to stabilise. The International Monetary Fund expects growth of 7% in 2011, while the government estimates growth could be as high as 9%. China has offered to inject US$10 billion into Zimbabwe’s economy, with preferential loans for over 500 infrastructure projects and investments in mining and agriculture.
Mining provides jobs for only around 5% of the workforce, but the sector brings in a third of the country’s export earnings. Gold, platinum and other metal alloys are mined, as well as coal which is used to produce electricity. Diamonds are becoming increasingly important to Zimbabwe’s economy. In the past, revenue from diamond mining was restricted. However, these restrictions have been lifted and Zimbabwe stands to earn more than 2 billion dollars a year from diamond trading.
The agricultural industry is a key sector for Zimbabwe’s economy. The main exports are tobacco, cotton and sugar. Tobacco is the most valuable crop; exports of unmanufactured tobacco earned the country over 240 million dollars in revenue in 2009.