INDO-ZAMBIAN investment surpasses $3Billion
By Nawa Mutumweno – Indian foreign direct investment (FDI) to Zambia has surpassed $3 billion covering various sectors of country’s growing economy.
According to Justice minister Wynter Kabimba, Zambia’s exports to India has continued to grow in view of the country’s favourable economic climate.
India’s investments in Zambia encompass mining, banking, agriculture, information technology and infrastructure, etc.
Zambia’s exports to India increased from $51.4 million in 2009 to $102.67 million in 2010 while India’s exports to the southern African country stood at $131 million in 2009 compared to $88.34 in 2010.
‘’As Government, we take note of the contribution that India has made to the economy as FDI. India today stands as one of the emerging economic giants in the world, it is, therefore, true that Zambia has a lot to learn from the country in catalysing its own economic growth using India’s experience,’’ he enthused.
Mr. Kabimba was speaking at the India-Zambia Business Expo meeting at Taj Pamodzi Hotel in Lusaka recently.
He commended the Indian Business Council of Zambia (IBCZ) for promoting bilateral business, adding that the initiative has the potential to boost Zambia’s economy through sharing of knowledge and experience.
‘’Such initiatives have brought experienced business delegations to Zambia through the Indo-African Chambers of Commerce and Industry,’’ he pointed out.
‘’It is important to note that Zambia is a safe place to invest. The country just floated its inaugural Eurobond which has been oversubscribed and yielded $750 million. This is an excellent measure of the very high level of investor confidence in the country.’’
Earlier, Indian High Commissioner to Zambia Ashok Kumar said the Indo-African Chambers of Commerce and Industry (IACCI) visit to Zambia will benefit the country by allowing more investors in the country.
The partnership between the two countries is a good initiative that will benefit both countries, enhance trade and create employment opportunities for the Zambians.
