Zimbabwe seeks Russia SME investment at St Petersburg economic forum talks

Zimbabwe seeks Russia SME investment at St Petersburg economic forum talks

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Zimbabwe and Russia are looking to deepen economic cooperation following engagements held on the sidelines of the 29th St Petersburg International Economic Forum (SPIEF), where policymakers, business leaders and investors met to discuss changing patterns in global growth.

According to information published by the Zimbabwe Broadcasting Corporation (ZBC), the forum ran from Wednesday and concluded on Saturday, with one of its key components being the Russia-Africa Business Dialogue, a platform established in 2016 to promote economic cooperation between Russia and African countries.

Zimbabwe’s Minister of Women Affairs, Community, Small and Medium Enterprises Development, Senator Monica Mutsvangwa, said Africa is increasingly being positioned as a significant player in the global economy and that Zimbabwe should place itself to benefit from emerging opportunities.

“The global economic centre of gravity is shifting, and Africa is increasingly being positioned as one of its biggest beneficiaries, hence Zimbabwe has to position itself as a major contributor,” Mutsvangwa said.

She said the Russia-Africa Business Dialogue has, over the past decade, discussed challenges to cooperation, identified key economic sectors and mapped future prospects, with major issues also addressed at the first and second Russia-Africa summits attended by Zimbabwe through President Emmerson Mnangagwa.

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In her remarks, Mutsvangwa also pointed to Africa’s population growth, a rising middle class and the African Continental Free Trade Area (AfCFTA) as drivers that could shape the continent’s economic trajectory. She said Zimbabwe has repeatedly demonstrated capacity for growth, including through the contribution of small and medium enterprises (SMEs) to the economy.

Mutsvangwa said SPIEF offered Zimbabwe an opportunity to benchmark its development plans, identify new investors and strengthen bilateral links.

“It is through platforms like these that Zimbabwe can benchmark itself and look for new investments and bilateral relations towards economic development,” she said.

She added that Zimbabwe met some Russian SMEs during the forum while seeking partnerships that could support local industry, including through markets, e-commerce and the use of artificial intelligence (AI).

The engagements highlighted interest in expanding cooperation between Zimbabwe and Russia in trade, investment, technology and SME development, as both countries explore ways to unlock new avenues for economic growth.

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