FOLLOWING the recent signing of a memorandum of understanding (MoU) aimed at facilitating close collaboration, Zambia and Zimbabwe are working on setting up industrial joint ventures.
The two countries are working towards rejuvenating the manufacturing sector, including textiles, agriculture and agro-processing, petrochemicals, and forest-based industries.
Zimbabwe’s industry and commerce minister Sekai Nzenza told regional ministers at the 4th Common Market for Eastern and Southern Africa (COMESA) Committee of Ministers of Industry last week.
She said the joint venture efforts would assist the two countries to unlock higher economic potential in line with regional industrialisation goals.
“So far, the governments of Zambia and Zimbabwe have signed a Memorandum of Understanding to form a Joint Industrialization Cooperation Programme, which will facilitate deeper collaboration by setting up joint ventures,” she said.
Both the countries are well-positioned to develop and facilitate regional value chains based on their comparative advantages.
For instance, cotton from Zimbabwe could be ginned at Zambia’s Mulungushi Textiles in Kabwe.
The 4th ministerial committee meeting deliberated on key regional integration issues and closed with the adoption of the draft implementation strategy for the domestication of the COMESA Local Content Policy Framework.