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Zim, Indian industries sign 1 yr deal

03/08/2017 00:00:00
by Staff reporter
Signed deal ... CZI president Sifelani Jabangwe

THE Confederation of Zimbabwe Industries (CZI) on Wednesday signed a memorandum of Understanding (MoU) with the Confederation of Indian Industries in a friendship arrangement aimed at enhancing trade relations and business.

The mutual friendship was signed at the CZI 2017 annual congress and international investment forum in Victoria Falls where both bodies vowed to work together for a year, when the agreement will expire subject to renewal.

CZI president Sifelani Jabangwe and Ranjan Pendarkar signed for their industry bodies respectively.

“This agreement shall come into force with immediate effect and will be valid for a period of one year. It may be renewed by mutual consent for such future terms as may be beneficial to both parties.

This MoU seeks to enhance economic relations and propose measures and mechanisms to promote exports on the basis of mutual interests to avoid any imbalances which may affect the relationships between India and Zimbabwe,” reads part of the agreement.

The MoU will open exchange of economic information between the two institutions who should organise trade missions and conferences and other forms of trade events for the promotion of industry and services of both countries.

Industries from both countries will be able, through the MoU, to participate at trade fairs and reciprocal trade visits while also consulting each other in trade and services issues.

CZI and CII shall undertake to provide mutual institutional support on a wide array of things but guided by confidentiality.

In the event one of the two wants to end the relationship, it shall notify the other in 30 days, and there is room to add new projects.

Interestingly, each party will bear costs of carrying out the obligations, reads part of the agreement.

Industry representatives from Ethiopia, India and Turkey are attending the congress, whose theme is: “Growing manufacturing competitiveness: Realities and Realignment.”


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