China is Africa`s largest trading partner and the volume of trade between them amounted to $220 billion in 2014, according to China`s state-owned Xinhua news agency. According to London-based BMI Research, investment in Africa amounted to $32.4 billion at the end of 2014. Zimbabwe and China signed an economic and technical agreement in Harare on Friday that will encourage the two countries to strengthen their trade relations. Minister Moyo said that while the tense relations between the two are unfortunate, Harare believes it can fill this gap and increase the volume of trade with China. Xi and Mugabe saw their ministers sign ten agreements, including the Hwange Agreement and the construction of a new Parliament building and pharmaceutical warehouse. But Zimbabwean economists believe the move will benefit the Chinese, while allowing the country to starve the currencies they desperately need. The currency swap agreement will simplify a foreign exchange control process, but it will help Chinese traders relocate their business income from the country, but Zimbabweans who might have had access to that money before will no longer have it. On the whole, Africans see China as a good counterweight to Western influence, although Western governments accuse China of shutting down conflicts and rights violations while pursuing trade and aid policies. He said exports to agriculture and other products from special economic zones would be crucial to promoting trade between Harare and Beijing. At the end of Wang`s visit to journalists in Harare, Zimbabwean Minister Mthuli Ncube said a currency exchange would boost exchanges between the two countries. Wang, who was on a five-nation trip to Africa, this week ended his visit to Zimbabwe, during which the two countries agreed on strengthening trade and economic cooperation. Zimbabwe relies heavily on China to finance its major infrastructure projects, as it is not eligible for financing by international financial institutions because of its debt. HARARE – In the first visit by a Chinese leader to Zimbabwe since 1996, President Xi Jinping on Tuesday signed ten economic agreements, including the expansion of South Africa`s largest thermal power plant.
Harare – Zimbabwe and China have signed a currency exchange agreement following a visit by Chinese Foreign Minister Wang Yi to Harare to strengthen trade between the two countries. In an interview after the signing ceremony, Minister Moyo said; „What was signed here was actually three agreements. As you know, our cooperation between China and Zimbabwe, as you know, is guided by eight principles and all eight initiatives, and these initiatives are the initiatives that guide the framework of cooperation, whether it is the industrial initiative or the technology initiative or their initiative between people, or it is a financial initiative. In his speech at the end of his visit to Africa shortly after his meeting with President Emmerson Mnangagwa, Wang said the volume of trade between China and Africa exceeded $200 billion in 2019. Zimbabwe and China yesterday signed three cooperation agreements focused on economic and social services, with the two all-time friends taking their relations to the next level. The agreements were signed in Harare after a marathon of talks between the Zimbabwean delegation, led by Foreign Affairs and International Trade Minister Sibusiso Moyo, and the Chinese delegation in charge of economy and trade, led by Deputy Trade Minister Qian Keming. Meanwhile, the Chinese trade delegation met with President Robert Mugabe in the House of Representatives and discussed Zimbabwe`s intention to improve relations with Asian economic power. Zimbabwe and China signed a currency exchange agreement this week aimed at strengthening trade between the two countries.