Zim companies clinch US$4m deals with DRC

Bernard Mutambudzi

Zimbabwean companies mainly in the mining sector, have recently clinched business deals worth over US$4 million dollars, a Zimtrade official has revealed.

Speaking to this publication on the side-lines of COMESA-EAC - SADC Tripartite meeting held at a local hotel in Harare, Zimtrade Director Operations, Philip Phiri said Zimbabwean companies mainly from the mining industry had struck a US$4 million business deal in the Democratic Republic of Congo.

" DRC is attracting a lot of foreign nationals who are seeing great business potential in the country, and Zimbabwe cannot fold hands but take that opportunity too," said Phiri.

He said apart from the trade show held sometime early this year, various participating companies toured the Tenge Fungurume Mine which holds one of the World's largest known copper and cobalt reserves, as well as the Inanhoe mine where they established contacts with some key personnel in the DRC mining sector.

"Our participation at the mining week expo and visits to DRC’s top mines was indeed an eye opener. We were not sure of the market we were going into, but it was quite surprising and impressive to note that the DRC has a lot of potential which we can tap into," said Phiri.

Phiri said his organisation conducted a market survey in the DRC and discovered good potential for trade between Zimbabwe and DRC.

With a population of around 84 million, untapped resources and prospects for growth in areas such as agriculture, mining, manufacturing, pharmaceuticals, tourism and engineering in the DRC proves to be a lucrative market for Zimbabwean businesses.

Zimbabwe and DRC enjoy good economic and political relations.

Soon after his inauguration, President Emmerson Mnangagwa visited the country to tie up already existing relations between the two nations.

In addition, both countries share one common membership in the Southern Africa Development Community and the Common Market for Eastern and Southern Africa which ensures smooth trading between the two nations.