ZimTrade sees the Common Market for Eastern and Southern Africa (COMESA) as a potential US$1 trillion economy capable of driving regional industrialisation, trade and investment if member states strengthen economic cooperation and exploit their combined market of 640 million people.
ZimTrade Chief Executive Officer, Allan Majuru, said the bloc’s vast natural resources, consumer base and existing infrastructure presented significant opportunities for businesses to expand production, increase intra-regional trade and reduce reliance on external markets.
Speaking at the 19th COMESA Business Forum and Exhibition in Harare, today, Majuru challenged member states to move beyond exporting raw commodities and prioritise value addition, manufacturing and regional value chains to maximise economic returns.
“While this endowment offers a home base, the future of COMESA is no longer in extraction and neither is it in simply trading. The future is to produce more, process more and add value more within our region,” he said.
Majuru said even a modest increase in trade among member states could significantly boost the bloc’s economic activity.
“Imagine if every citizen of COMESA bought an extra US$10 of products from another member country. Our intra-trade would grow by more than 50% to almost US$21 billion,” he said.
He urged businesses to look beyond overseas markets and take advantage of opportunities within the region through stronger partnerships, expanded market access and increased investment in productive industries.
“The opportunity is not overseas, far and distant. The opportunity is right next to you and is wondering why you are looking far away,” Majuru said.
However, he said connectivity constraints and barriers to cross-border commerce continued to limit the region’s ability to realise its full economic potential.
Despite having established financial institutions, regulators, payment systems and major airlines, Majuru questioned why goods, invoices and payments still faced obstacles moving between member states.
“Our institutions have often run ahead of our markets. We have built the courts, the banks, the regulators and the payment systems. The question with this forum is: why do our trucks, our invoices and our payments not yet move as freely as our duties do?” he said.
Majuru said improving regional connectivity and removing trade bottlenecks would help businesses access new markets, strengthen industrial capacity and accelerate economic transformation.
The three-day exhibition, running from October 19 to 21, showcases products and services from businesses across the region, while the business forum brings together private-sector players and policymakers to discuss strategies for expanding regional trade and investment.
The engagements precede the 25th COMESA Heads of State and Government Summit in Harare, where regional leaders are expected to advance economic integration and cooperation.
