THE country’s main export promotion body, ZimTrade, has urged local companies to venture into the Angolan market to boost their businesses that are currently operating below 50% capacity utilisation.
ZimTrade said Angola had an estimated gross domestic product (GDP) of $124 billion and it would coordinate the participation of local companies at the Luanda International Trade Fair (FILDA) to be held from July 21-26 this year.
This follows the successful participation of nine local companies in 2014 that were drawn from the processed foods, furniture, clothing and textiles, household and electrical goods as well as the building and construction sectors.
“Zimbabwean companies can, therefore, utilise their participation at the FILDA to tap into this lucrative Angolan market with an estimated population of 20,9 million, a GDP of 124 billion (2013), and a per capita income of $6,500,” said ZimTrade.
“ZimTrade is, therefore, urging exporting companies to participate in this trade fair as it presents an opportunity to showcase their products and services.”
The body said further market potential is confirmed by a huge import bill of $20 5 billion in 2012.
FILDA is a multi-sectorial event that showcases consumer goods, capital goods, agricultural machinery, food, textiles, school supplies and spare parts, among others.
In 2014, the Angolan trade fair attracted over 39 countries from Africa, America, Europe and Asia. A total of 805 Angolan and foreign exhibitors took part to showcase their products and services, whilst over 50 000 locals and foreigners visited the fair.
A research conducted in Luanda by ZimTrade in April/May 2014 identified the potential for Zimbabwean exports to Angola.
The research generated specific information on possible business opportunities as well as useful market intelligence-related information.
The identified business opportunities include the construction and construction materials; manufactures (agricultural implements, fashion and protective clothing, processed foods, fruit juices, cordials); meat; fresh produce (fruits, vegetables); and professional services (extension services, teachers, artisanal skills), among others.