Source: ZimTrade to release DRC Market Survey | The Herald February 2, 2017
Business Reporter —
ZimTrade will release findings on the DRC Market Survey later this month in Harare and Bulawayo, respectively. The market survey, which was conducted in October 2016, gathered information on possible export products and services to consider specifically for the Lubumbashi market in the DRC.
The results of the findings will be released on February 23 and February 24. Opportunities for Zimbabwean businesses were identified in the agricultural implements and inputs, pharmaceutical, manufacturing and engineering services sectors.
In addition, the survey established other market related intelligence which will enhance opportunities for Zimbabwean products and services to penetrate the Lubumbashi market.
Lubumbashi, the second largest city in the DRC, serves as a key commercial and national industrial centre, as well as the mining capital of the DRC.
The proximity of Lubumbashi to Zimbabwe, makes it easier and cheaper for local businesses to export goods and transport them either via air or road.
In 2015, the 2015 DRC import bill stood at $5,7 billion, with Zimbabwe contributing only $3,7 million (0,06 percent).
Trade map revealed that 99,8 percent of Zimbabwe’s exports to the DRC consisted mainly of mineral oils and fuels, with the remaining going towards fish and crustaceans, hence the need to diversify export product range.
China, the largest supplier, accounts for 25 percent of the total import bill while South Africa is the second largest exporter with a 16 percent market share.
Between 2010-2015, DRC recorded an annual average economic growth rate of 7,7 percent, which exceeds the Sub-Saharan Africa average.
According to the World Bank report released in April 2016, the DRC economy is expected to continue growing at an estimated rate of 8 percent owing to increased investment and growth in the extractive industries as well as the contributions of public works and the tertiary sector.
There is, therefore, huge potential for Zimbabwe to tap into this lucrative market and subsequently increase its export market.