Harare — ZIMBABWE and South Africa are set to implement the contents of an outstanding Memorandum of Understanding on trade and economic affairs that was signed months ago in the New Year.

Addressing journalists soon after the signing of the Bilateral Investment Protection and Promotion Agreement, South Africa's Industry and Trade minister, Dr Rob Davies said implementation of the MoU will start sometime next year.

"We want to play our part in the process of putting Zimbabwe's economy on a recovery path and we are committed to the implementation of the MoU," he said.

The implementation of the MoU would see the two countries engaging on issues relating to investment, trade and economic issues. Some of the issues that would be tackled include challenges that investors from each company are facing and how such challenges can be addressed as well as trade opportunities that exist in both countries.

In addition the two countries also intend to create dialogue and engage the business community in both countries in order to provide a conducive environment for business to prosper. The signing of the Bippa last week is set to unlock a number of agreements that have been concluded between the two countries in addition to promoting investment and trade between Zimbabwe and South Africa.

Meanwhile, representatives of the business community from both countries hailed the signing of the agreement as a historic milestone that will have far-reaching positive spin-offs in both economies

Confederation of Zimbabwe Industries vice president, Mr Joseph Kanyekanye who represented the Business Council of Zimbabwe said they welcomed the signing and that as the local business community they needed to sharpen their skills.

He however said that they were more than ready to engage their counterparts from South Africa.

"For us to have survived the past decade meant that we had to sharpen our skills to survive," he said.

Mr Kanyakanye added that they were happy that Government had set another milestone in opening up the operating environment for business and that they are committed to follow the lead that Government has set.

"An old age adage says that when the head jumps over the fence the body follows, that is what we intend to do," he said.

Mr Kanyekanye was however quick to point out that they will continue to advocate for more changes that were good for the economy.

"Where something is wrong we will not hesitate to point it out and we stand ready to assist our counterparts invest in the country," he said.

Business Unity of South Africa's representative, Mr Casswel Makama said that there were a lot of strengths that exist in the country as opposed to weaknesses and the challenge was to identify the weaknesses and to deal with them.

"The opportunities that exist in Zimbabwe provide us with the tool to manage those threats.

"We should not look at the Bippa only as a legal document but we should look at the spirit in which this agreement has been signed," he said.