The Sunday Mail
President Mnangagwa’s signature foreign currency policy since taking over the reins has been pivoted on economic diplomacy and premised on mending ties with former partners (re-engagement), opening arms to new ones (engagement) and deepening existing relations.
The country has now already begun to harvest the plum fruits of the calculated and targeted diplomatic offensive sowed over the past four years.
One of Zimbabwe’s new partners is the oil-rich United Arab Emirates (UAE), which opened its embassy in Harare in 2019, prompting Harare to reciprocally open its own embassy led by Ambassador Lovemore Mazemo in Abu Dhabi in 2021.
The new partnership between Harare and Abu Dhabi has come with richly rewarding dividends.
Within two years of growing relations, trade volumes have concomitantly doubled from US$800 million in 2019 to US$1,6 billion last year.
This is part of the reason why the country’s exports at a record US$6 billion in 2021 exceeded the target set in the National Development Strategy 1.
Encouragingly, the Dubai Chamber of Commerce and Industry recently indicated that the potential for synergies that could further bolster trade and investment opportunities between the two countries was high.
But the significance of the UAE also lies in the fact that it serves as a conduit to a larger market in the Middle East.
It is, therefore, unsurprising that new markets such as Jordan, where Zimbabwe recorded its first exports amounting to US$11,5 million this year, are beginning to emerge.
Buoyed by progress registered on many fronts, Government is now bullish the country’s foreign currency receipts might climb to a record US$12 billion this year.
Significant headway has also been made in cultivating mutually beneficial relationships in the continent.
Diplomatic ties with Botswana, Namibia and Mozambique are being deepened, while Rwanda has become a new partner.
Zimbabwe notably officially opened its embassy in Kigali in September last year.
This new frontier has opened doors for the private sector, where companies such as Maka Irrigation and property concern Exodus and Company are actively scouting for opportunities in infrastructure development.
Perhaps President Mnangagwa’s master-stroke has been his ability to negotiate for upgrading relations between Zimbabwe and the People’s Republic of China to a comprehensive strategic partnership for cooperation in April 2018, the highest level of diplomatic relations.
And this has since opened a flood of investments that will forever change the local landscape and benefit generations to come.
Among major investments that were secured from China were the US$1 billion expansion of Hwange Power Station, which is expected to start injecting 300MW into the grid by November this year and another 300MW three months later, setting the country on an irreversible path to energy security.
Key dam construction projects being built with China’s support – Kunzvi Dam and Lake Gwayi-Shangani − are poised to provide potable supplies to two major cities (Harare and Bulawayo) and meet demand from expanding local industries.
Thus, the impact on livelihoods and the economy would be immense.
So, too, would be the investments in the US$1 billion steel plant in Manhize, Chivhu, which will significantly contribute to the country’s modernisation and industrialisation agenda.
There are indications that this trend is likely to continue.
On Wednesday, President Mnangagwa commissioned a US$20 million edible oil refinery plant in Mahusekwa, Mashonaland East, established by multinational company Mount Meru Millers that was wooed at the Dubai Business Forum in 2019.
All this gives us hope that despite the temporary challenges we are presently facing, as a people we will achieve our dream of creating a prosperous society envisioned by Vision 2030.
In the words of Ghana’s founding President Kwame Nkrumah:
“Countrymen, the task ahead is great indeed, and heavy is the responsibility; and yet it is a noble and glorious challenge − a challenge which calls for the courage to dream, the courage to believe, the courage to dare, the courage to do, the courage to envision, the courage to fight, the courage to work, the courage to achieve − to achieve the highest excellencies and the fullest greatness of man. Dare we ask for more in life?”
Nkrumah might as well have been talking to us.
Over the past four years, we have clearly shown the courage to dream, the courage to believe, the courage to dare, the courage to do, the courage to envision, the courage to fight, the courage to work and the courage to achieve. This can only be the result of visionary leadership.
