IN October, Zimbabwean businesspeople, investors and companies are set to meet in the United Kingdom for the UK-Zimbabwe Business Expo 2024 aimed at luring investments into the country.
Our STAFF WRITER Almot Maqolo last week sat down with one of the event organisers, Zimbabweans in Diaspora Organisation (Zido) chief executive, Blessed Kapesa, to speak on the significance of this expo. Below are the excerpts of the interview.
Q: We understand you are holding a UK-Zimbabwe Business Expo. When will this event take place?
A: It is an immense honour to host this expo, which serves as a platform to highlight the numerous investment opportunities that Zimbabwe has to offer to our diaspora, fund managers, and potential UK investors. The event is scheduled to commence on the October 4.
Q: What motivated you to hold this expo in the UK, and who can participate?
A: We have been inspired by the many thriving businesses in Zimbabwe that have demonstrated impressive growth, often with limited financial backing. As a team living in the diaspora, we felt it was our duty to leverage our networks and create a multi-sectoral expo that showcases Zimbabwe’s vast opportunities.
Our goal is to encourage both the diaspora and UK investors, including fund managers, to collaborate with local businesses, thereby opening new lines of credit and fostering partnerships. We have been actively engaging with various embassies to strengthen these connections. We are also eager to learn from other business leaders of African descent based in the UK, which will be evident in our panel discussions.
Q: Is this expo open to other foreign nationals, and what is the significance of their presence?
A: Absolutely, other nationals are indeed invited, and we have taken proactive steps to engage with other embassies. This event is our contribution to strengthening the African Union’s Agenda 2063, which emphasises the importance of the African diaspora in global development.
We are equally keen to engage with other business leaders from across Africa who are based in the UK, and this will be reflected in our panel discussions. Their presence will be significant, as it offers a rich exchange of ideas and fosters a broader network of potential partnerships.
Q: Why is it important for companies and individuals to be part of this expo?
A: Participating in this expo presents companies with a unique opportunity to explore new markets and establish connections that are crucial for expanding their global reach. It provides a platform for businesses to introduce themselves to potential partners, investors, and collaborators, all of which are vital for gaining visibility on the global stage. In today’s interconnected world, such exposure is indispensable for any business seeking sustainable growth.
Q: We understand you also seek to bring in businesspeople and government officials. Who are you targeting as the main speakers?
A: We will officially announce our speakers once the list is finalised, but rest assured, there will be a balanced representation from both the private sector and policymakers. It is essential that all key stakeholders, from industry leaders to government officials, are involved, as they each play a vital role in shaping the business landscape. Their insights and perspectives will undoubtedly enrich the discussions and outcomes of the expo.
Q: How many participants are you expecting to be part of the expo?
A: We anticipate drawing around 3 000 participants to the event, which will be held at the Bethnal Centre in Birmingham, a fitting venue that resonates with our vision, as it is also Zimbabwean-owned. This venue not only provides the necessary space, but also symbolises the deep connections between the diaspora and their home country.
Q: The government has been urging diasporans to invest back home. How important is this call?
A: The importance of diaspora investment cannot be overstated. Reports from reputable organisations like the International Monetary Fund and the World Bank suggest that remittances from the African diaspora significantly surpass foreign direct investment and humanitarian aid combined.
The Zimbabwean government’s focus on encouraging diaspora investment is forward-thinking, as these investments are not only rooted in a deep cultural understanding, but are also likely to have a long-term horizon. Unlike many investments from the Global North, which may be driven by short-term gains, diaspora investments are more likely to contribute to sustainable development and economic resilience.
Q: Zimbabwe is a significant beneficiary of diaspora remittances. How crucial are these to the country’s economic growth?
A: Diaspora remittances play a pivotal role in Zimbabwe’s economic stability and growth. In 2023 alone, Zimbabwe received over US$1.4 billion in remittances, a figure that underscores the vital contribution of the diaspora. These funds support millions of households, contributing to poverty alleviation and bolstering the country’s foreign currency reserves.
Moreover, remittances often serve as a reliable source of capital for small and medium enterprises, which are the backbone of Zimbabwe’s economy. As such, these inflows are not just a lifeline for families, but also a catalyst for broader economic development, driving entrepreneurship and creating employment opportunities.
Q: What are your future plans with the business expo?
A: Looking ahead, we envision the UK-Zimbabwe Business Expo becoming an annual event that continues to grow in scale and impact. Our future plans include expanding the expo to feature a wider array of industries, fostering more in-depth discussions on emerging sectors, and increasing participation from international investors.
We also aim to establish this expo as a benchmark event for connecting Zimbabwean businesses with global markets, creating lasting partnerships that will contribute to the long-term economic prosperity of Zimbabwe. Additionally, we are considering launching similar expos in other key diaspora hubs, such as the United States and Australia, to further galvanise support and investment for Zimbabwean enterprises.
