TEN companies from Japan are set to invest in Zimbabwe as the Asian country has noted the great strides being made by the Second Republic in growing the economy.
In an interview with Chronicle at the 63rd edition of the Zimbabwe International Trade Fair last week, the Second Secretary in charge of the economic section of the Embassy of Japan in Zimbabwe, Jun Yamazaki said her country was keen on working with Zimbabwe.
The Japanese official said 20 companies from her country left Zimbabwe during the times of economic challenges, but the environment has been changing following the coming to power of President Mnangagwa in 2019.
During his inauguration speech, President Mnangagwa declared that Zimbabwe is open for business and has since championed engagement and re-engagement as his foreign policy.
The President’s emphasis that Zimbabwe is an enemy to none and a friend to all has also seen formerly hostile states warming up to the Second Republic.
Yumazaki said the 10 companies that intend to set up shop in Zimbabwe are spread across all sectors of the economy.
She said one of them, a Japanese conglomerate, Fujifilm, left but will be making a comeback.
“There were 20 companies that had invested in Zimbabwe before the unfortunate collapse of the economy. The companies were forced to migrate to South Africa with time because the conditions were unbearable. As we speak, we are working on modalities to set up companies that will partner Zimbabwe across all sectors of the economy,” said Yamazaki.
She said there will also be focus on the promotion of culture and tradition between the two countries.
“The promotion of culture and tradition will be done through educational and sporting scholarships. We also want to engage the country in economic cooperation by having companies register in Zimbabwe, as well as have local companies investing in Japan,” said Yamazaki.
She said one of its major companies to have migrated from Zimbabwe was Fujifilm.
“One of the major companies that had invested in Zimbabwe was Fuji. As you know Fuji, is a Japanese multinational conglomerate headquartered in Tokyo, Japan, operating in the realms of photography, optics, office and medical electronics, biotechnology, and chemicals,” said Yamazaki.
Fujifilm is a giant in healthcare, materials, and imaging. Notes the company on its website: “In the ‘healthcare’ segment, we aim to respond to unmet medical needs, improve access to medical services, and detect diseases at an early stage by providing cutting-edge products and services worldwide. In medical diagnostic equipment, we have a wide product lineup that includes CT, MRI, X-ray diagnostic equipment, ultrasound, and endoscopes.
“In the ‘materials’ segment, we aim to contribute to the creation of a safe and secure society in an era of digital transformation (DX). We are working on the development of functional materials indispensable for manufacturing cutting-edge semiconductors for the development of 5G, AI, autonomous driving, etc, and the provision of storage tapes that support data expansion.
“In the ‘imaging’ segment, we enrich people’s lives through the development and provision of high-quality, high-performance products and services such as instant photo systems, high-end mirrorless digital cameras, and printing services that allow users to enjoy printing photos on the spot.”
Confidence in the Zimbabwean economy, Yamazaki said, is due to policies implemented by the Government.
“We want to have more people and companies investing in Zimbabwe with hope that the economy takes shape as we believe it is through implementation by the Government. Zimbabwe is a partner to us and we have been assisting the country in order to attain economic freedom and stability for years,” said Yamazaki.
She said Japan has been providing assistance and economic cooperation to Zimbabwe since 1980.
“This includes loans and grant aid, as well as technical cooperation. Japan was Zimbabwe’s largest international donor since the 80s until around 2001. As of now we want not only to be a donor, but be a partner to the country’s economy and we have noted the great strides the country is undertaking in achieving its goals under the new Presidency,” said Yamazaki.
“There is hope for Zimbabwe, as seen by the presence of international community. This is impressive and it gives hope of investment.”
She said she was impressed with the presence of foreign exhibitors that were at ZITF.
For the first time, the EU delegation exhibited at the just-ended Zimbabwe International Trade Fair (ZITF) in Bulawayo, the country’s biggest annual trade expo as a bloc which amplifies the Second Republic’s re-engagement and engagement drive.
Last week, EU Ambassador to Zimbabwe Jobst von Kirchmann told Chronicle that their presence at the country’s prime trade expo showed that trade between Zimbabwe and the EU is vital.
He said the EU appreciated initiatives that had been implemented by the Government.
“We hope that with all the initiatives being undertaken by the NDS1 gradually, we will see a more prosperous business climate that attracts businesses. I am very proud that I personally came to inaugurate this stand and be here for this big stand,” he said.
“There is room for much more investments and I think that is also what Zimbabwe wants because I hear you are open for business, you want to build an export-led economy and I have read the NDS1 and there is a lot in it. As the European Union, we would like Zimbabwe to succeed and we would like to work together.” – The Chronicle
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