‘Right time to expand Zimbabwe -Iran trade, investment ties’

Zimbabwe’s efforts to deepen economic co-operation with Iran are gathering momentum, presenting a rare and timely window for the country’s private sector to expand trade and investment ties with one of the Middle East’s most industrialised economies. The two countries are strengthening economic ties, focusing on mining, energy, agriculture and manufacturing to leverage complementary resources. Driven by the 9th Joint Permanent Commission on Co-operation (JPCC) in Tehran in 2023, they aim to increase bilateral trade, with Iran investing in tractor manufacturing, pharmaceuticals, and infrastructure.

Speaking on the evolving relationship, Zimbabwe’s Ambassador to Iran Mr Bright Kupemba, said the renewed push to unlock economic opportunities follows a clear directive by President Mnangagwa for Zimbabwe’s embassies to move beyond traditional diplomacy and actively facilitate trade, investment, tourism and market access for local businesses. “Our engagement with Iran is part of the broader economic diplomacy thrust by His Excellency, President Mnangagwa, which mandates all our missions abroad to translate Zimbabwe’s excellent foreign relations into tangible economic benefits. “Zimbabwe and Iran have scope to significantly expand co-operation, with growing opportunities for direct private sector engagement as both countries seek to deepen economic co-operation under South–South partnerships.

“Iran presents a unique opportunity, and this is the best time for Zimbabwean companies to position themselves in this market.” He said the current period presents favourable conditions for Zimbabwean companies to establish direct links with Iranian firms, noting that businesses in Iran are actively seeking to expand their international partnerships as they respond to longstanding challenges with Western economies, including the United States. According to Ambassador Kupemba, there has been a noticeable “stampede” by African countries keen to tap into Iran’s large market and advanced industrial base and Zimbabwe should not be left behind. “There has been a noticeable increase in African countries engaging Iran for business.

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“Zimbabwean companies should take advantage of this window to expand economic co-operation while market access conditions are favourable,” he said. The agreement is aimed at strengthening co-operation in trade and investment, including business-to-business linkages, market access facilitation and information sharing. Ambassador Kupemba said the ongoing operationalisation of the MoU should begin delivering tangible benefits to private sector players in both countries. On the export side, Zimbabwe has a competitive offering that aligns with demand in Iran.Tobacco presents a significant opportunity, with Iran providing a large and consistent market.Zimbabwe supplies fresh tobacco, agricultural produce, animal feed, processed foods, minerals and various raw materials.

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