SA business mission arrives

A delegation of South African business leaders is in Zimbabwe on a fact-finding mission to assess the impact of Zimbabwe’s political and economic crisis which has seen trade sharply contract between the two neighbours. The team, led by South African Chamber of Business (SACOB) boss Kevin Wakeford, arrived in Zimbabwe on Monday on a five day tour “to see where business stands”, a SACOB official told IRIN. South Africa is Zimbabwe’s largest trading partner. An economist at the Confederation of Zimbabwe Industries (CZI) said the visit was welcomed “in the sense of trying to promote business between the two countries”. Both SACOB and the CZI have avoided commenting on the political crisis in Zimbabwe which has affected business confidence and the country’s crucial agricultural sector. “The economy wasn’t very bright to begin with,” the CZI official said, stressing the problems for business associated with Zimbabwe’s lack of foreign exchange, fuel shortages, and high inflation and interest rates. “There’s lots of uncertainty. Nobody is too sure whether they are going to be in business in one month or two months down the line.” “All we can say is that we hope the political solution is resolved,” the economist told IRIN. “The only solution, according to the CZI, is to have early elections so we can concentrate on economic issues.” He said that he hoped SACOB’s visit could help persuade South African financiers to accept letters of credit from Zimbabwe, whose business community has been hamstrung by the country’s perceived lack of creditworthiness. “Any solution that can be worked out on that particular issue would be most welcome.”