ZITF courts BRICS – Sunday News

via ZITF courts BRICS – Sunday News Apr 10, 2016

Dumisani Nsingo, Senior Business Reporter
THE Zimbabwe International Trade Fair (ZITF) Company has made significant strides towards luring countries from the world’s emerging economies, the BRICS as it moves towards ensuring that the country strengthens its ties with nations in its bid to turn around its economy.

ZITF Company board chairman, Mr Bekithemba Nkomo said the internationally- acclaimed exhibition had made significant strides towards courting the world emerging economies of Brazil, Russia, India, China and South Africa known through their acronym (BRICS) to come for the annual business showcase as realised by the confirmation of Russia to grace this year’s exhibition after a long time while efforts are being made to lure Brazil as well. Also to grace the event after a lengthy absence is Ghana. The two countries (Russia and Ghana) are also bringing business delegations from Tatarstan Export Corporation of Russia and Ghana Investment Promotion Centre.

This year’s exhibition which will run from 26 to 30 April will be held under the theme: “Innovate, Integrate, Industrialise”.

“I think if you look at how BRICS countries are getting themselves organised, it becomes easier from a country’s perspective to approach BRICS as a grouping and see what we can benefit from them as opposed to approaching them on an individual basis.

“I think that some of the initiatives that the BRICS countries are putting together are going to benefit the country as a whole for example if you look at the BRICS bank that they are putting together that’s going to benefit Zimbabwe pretty quickly as opposed to Zimbabwe talking to those countries as individuals,” said Mr Nkomo.

The four BRICS countries are distinguished from a host of other promising emerging markets by their demographic and economic potential to rank among the world’s largest and most influential economies in the 21st century (and by having a reasonable chance of realising that potential).

“It’s part of our marketing strategy to approach the blocs and BRICS was one of the blocs we approached and we continue to approach them. We have invited Brazil and we are talking to them. We haven’t heard any confirmation from them yet but we are hoping that they will be coming,” said Mr Nkomo.

By last week, 43 000 square metres of the exhibition space had been sold converting to 90 percent of the space for this year’s showpiece. A total of 361 direct exhibitors from 20 countries had confirmed their participation.

Twenty-eight direct foreign exhibitors have booked, which is 27 percent higher than the booking statistics at this time of the year last year, which stood at 22.

Botswana, Ethiopia, Ghana, Indonesia, Japan, Kenya, Namibia, Malawi, Mozambique, Namibia, Russia, South Africa, Tanzania and Zambia would be having national stands while Canada, China, Cyprus, India and Germany would be represented by individual companies.

“Although most direct foreign exhibitors are still consolidating their participation, indications are that there will be a higher number of indirect exhibitors (individual companies) on the national stands. For example, South Africa’s Department of Trade and Industry will this year bring in 35 companies compared to the 24 that they brought in 2015. This is because of the value that they see in the show and the meaningful business connections that South African companies are making with their counterparts during ZITF,” said Mr Nkomo.