By Connect Stories Africa Reporter
Midlands Minister of State for Provincial Affairs and Devolution, Hon Owen Ncube, is in the People’s Republic of China for a landmark official visit that will see him engage in various diplomatic engagements in the Asian country.
He will also attend and address the high level meeting of the China International Import Expo, ( CIIE) and Hongqiao Forum.
On Wednesday the Minister attended the Zimbabwe Day where there were country exhibitions by various citizens.
Today Ncube toured the Huayou Cobalt Group (Acardia Lithium Mine) and is expected to be at the 2024 International Trade and Economic Globalization Forum, tomorrow where he will give remarks on behalf of the country.
Minister Ncube will have meetings with the Tsingshan Holding Group executives (Dinson Manhize lron and Steel) before he returns home.
Ncube’s visit to China comes at a time when economic cooperation between the two nations is surging.
For instance, trade between Zimbabwe and China in the months January to September 2024 reached a staggering figure of US$3 billion.
The figure is a year on year increase of 25.6 %.
Zimbabwe exported US$ 2.1 billion to China and imported US$951 million, with a trade surplus of US$1 billion.
The export of tobacco to China increased 38.3% to 790 million US dollars in the period, accounting for 40.6% of the total export to China.
According to the Trading Economics website, in August 2024 alone, China exported US$141m and imported US$186m from Zimbabwe. Between August 2023 and August 2024 the exports of China have increased by US$6.61m (4.91%) from US$135m to US$141m.
In that same month, the top exports of China to Zimbabwe were Stone Processing Machines (US$6.37m), Delivery Trucks (US$5.44m), Buses (US$3.67m), Iron Structures (US$3.47m), and Cyanides (US$3.27m).
In August 2024 the top imports of China from Zimbabwe were Ferroalloys (US$16.3M), Chromium Ore (USs$13.1M), Other Minerals (US$9.95m), Precious Metal Ore (US$3.98m), and Processed Tobacco (US$3.53m).
In comparison, in the whole of 2017, Zimbabwe exported only US$625m to China.
The main products exported from Zimbabwe to China were Raw Tobacco (US$301m), Ferroalloys (US$$229m), and Chromium Ore ($25.9m).
During the last 5 years the exports of Zimbabwe to China have increased at an annualized significant rate.
On the other hand, there are key projects built with Chinese government concessional loans in Zimbabwe in order to lift development.
These include Hwange Power Station Expansion Project Unit 7 and 8, Kariba South Power Station Expansion Project, Expansion of the Robert Gabriel Mugabe International Airport Project and Victoria Falls Airport Upgrading Project among others.
China and Zimbabwe enjoy a long-standing friendship dating back to the period of Zimbabwe’s liberation struggle in the 1960s and 1970s.
The two countries established diplomatic relations on April 18th, 1980, the day of Zimbabwe’s independence and reaches 45 years next year.
President Mnangagwa and President Xi have closely developed a vision of stronger engagement on the economic front.
On the sidelines of the FOCAC summit held recently in China, the two leaders had closed door meetings on the agenda of deepening mutual cooperation and further engagements.