Zimbabwe's export promotion body ZimTrade is planning to set up an export market fund by December this year to enable local companies to have easy access to the much-needed foreign currency for their international trade tours and fairs.

ZimTrade market advisor Vuyiswa Mafu said on Friday that the fund was one of ZimTrade's ways to develop, promote and facilitate international trade for local companies.

She said consultations with stakeholders on the fund were underway and the final trade document would soon be submitted to the Reserve Bank of Zimbabwe for approval. Both of the Industry and International Trade Ministry and Small and Medium Enterprises Development Ministry supported the fund.

ZimTrade will also deal with all export issues to provide an enabling environment for local firms to penetrate foreign markets and increase their export base. Other promotional programs include co-ordinating and organizing trade exhibitions and fairs.

Due to the harsh economic environment in Zimbabwe, local firms are finding it difficult to move into new markets and limited in their contribution to national development. The fund is expected to encourage more companies to expand their customer base and increase export earnings.

Source: Xinhua