BRITISH Embassy development director and deputy ambassador in Harare, Joanne Abbot, has said trade between Zimbabwe and the United Kingdom (UK) experienced a significant boost from 2022 to 2023, with a 67% increase in the exchange of goods and services, reaching a total value of over $800 million.
Previous reports indicate that Zimbabwe-UK trade surged by $185m to $595m in 2022, with UK investments in Zimbabwe increasing by $68m (145.5%) in 2021.
This growth comes as the Southern African nation strengthen ties with UK after years of political tension, with a focus on economic diplomacy and re-engagement.
Speaking at the launch of the Monty’s and Central Association of Cooperative Union (CACU) Outgrower Scheme in Harare last Thursday, Abbot announced a new partnership aimed at increasing horticultural production for export and to enhance trade relations.
“We want to keep increasing the trade rate. So, how do we keep increasing trade?
“Well, I’m delighted to announce a new project under the UK’s Trade Partnerships Programme, which will support horticultural farmers and lead firms to boost production and exports of high-value crops to the UK and EU markets,” she said.
The scheme is running under the theme:“Opportunities in the field, capturing opportunities from the field.”
Abbot also added that it is crucial for smallholder farmers to increase their involvement in agricultural exports, and this can be achieved through the financing options made available to exporters.
By providing access to financial resources, smallholders can overcome barriers to entry and expand their participation in the export market, ultimately contributing to the growth of the agricultural sector.
She highlighted that the project will provide advisory services to farmers on export quality and production requirements, as well as support SMEs to exhibit at European and British trade fairs.
“The Trade Partnerships project will support the implementation of the hub-and-spoke model and give smallholders the chance to export and increase their incomes,” she explained.
The initiative will be implemented by the International Trade Centre, in collaboration with the Horticultural Development Council and ZimTrade and the partnership is expected to further strengthen trade ties between the UK and Zimbabwe, promoting economic growth and development in the region.
In previous years, top Zimbabwean exports to the UK included beverages, tobacco, and vegetables, while imports from the UK include specialised machinery and telecommunications equipment.