In announcing his Monetary Policy Statement last week, Reserve Bank of Zimbabwe Governor Dr John Mangudya said the proposed entity will function in close liaison with export promotion associations and bodies such as ZimTrade.
“Establishment of an Export Council is not a new concept in Zimbabwe. It was first muted in 1991 by Government through the Ministry of Industry and Commerce at the inception of ZimTrade but was never established,” said the RBZ governor.
“Given the current thrust of an export led growth strategy formation of ZIMEC is critical for co-ordinating and championing export growth and diversification for the survival of the national economy.
“Its objectives will be to lay down policy guidelines for developing and promoting exports and to advise Government on matters concerned with the exporting environment.”
It is expected that the new entity will drive the country’s export growth as well as further the value addition/ beneficiation agenda.
According to figures from the Zimbabwe National Statistical Agency (ZimStats), last year the country mainly exported flue cured tobacco which contributed 30, 8 percent of total exports followed by gold with 30 percent.
And in terms of economic activity segregation, major agricultural related exports amounted to 33, 6 percent while mineral related exports were 46, 4 percent.
In terms of export destinations during the course of 2016, South Africa, Mozambique, United Arab Emirates, Zambia and Belgium constituted 79, 5 percent, 9, 5 percent, 4, 1 percent, 2, 5 percent and 1, 6 percent, respectively.