BULAWAYO Only one British company has confirmed participation at the Zimbabwe International Trade Fair (ZITF) as Western firms continue to shun Zimbabwe despite formation of a coalition government that has stabilised the economy and eased political tensions in the country.We only have one small consultant company from the UK that is coming. As for the US (United States) and other western countries, there is none, ZITF chairman Bekithemba Ndlovu told journalists last week.
European and American firms have since 2001 boycotted the trade fair in protest against President Robert Mugabes human rights record and failure to uphold democracy and the rule of law.
But the formation of a power-sharing government by Mugabe, Prime Minister Morgan Tsvangirai and Deputy Prime Minister Arthur Mutambara had raised hopes that Western firms would return to the show especially as Zimbabwes economy has shown signs of recovery since last February when the unity government came into office.
The absence of American and European companies from the trade fair has however not dampened participation by local firms and businesses from other countries such as South Africa, India and Iran, with Ndlovu saying 93 percent of space has been sold to 465 local firms and 29 foreign ones.
The ZITF that takes place in the city of Bulawayo from April 20-24.
We have sold about 93 percent of the space for this years ZITF. Many of the participating foreign companies are from S.A. There is one company from India and another from Iran, Ndlovu said.
At its peak, the ZITF attracted dozens of international exhibitors from the US and the European Union (EU) and brought together firms from all key business sectors such as mining, agriculture, hospitality and tourism.
But Zimbabwes premier business exhibition has lost much of its glamour after a decade of political turmoil and acute recession drove away foreign exhibitors while local firms also stayed away from the show to cut costs as they struggled to remain afloat in an economy marked by hyperinflation, power, fuel and cash shortages.
Organisers almost called off the show last year after exhibitors started pulling out in large numbers citing high participation costs. The show went ahead only after the ZITF Company that organises the fair drastically reduced exhibition fees.
Post published in: Economy