Trade between Zambia and India exceeds US$1 billion
The Zambian Mission in New Delhi says trade between Zambia and India exceeded the US$1 billion target in the year 2018.
A statement released by First Secretary Press and Tourism, Bangwe Naviley, reveals that trade between the two countries improved from US$650 million in the year 2016 to US$980 million for the year 2017 and further exceeded a US$1 billion target in 2018.
“Business visas issued to Indian traders and investors also increased from 520 in the year 2017 to 602 in the year 2018, representing an increase of 82,” Zambia’s High Commissioner to India Judith Kapijimpanga is quoted as saying.
She said more Indians were interested in investing in Zambia following the first ever visit in 30 years by an Indian President, Shri Ram Nath Kovind, who had a 3- day State Visit to Zambia in April 2018.
“The Mission was engaged in various activities that promote investment, trade and economic cooperation between Zambia and India and countries of extra-accreditation, namely; Singapore, Sri Lanka, Bangladesh, Nepal, Myanmar and the Maldives,” Kapijimpanga said.
She said the Mission attended several meetings and hosted several others to ensure that the objectives of attracting Foreign Direct Investment (FDI) and enhancing Zambia’s international trade were realized.
“I wish to appeal to all stakeholders to move with speed in ensuring that prospective investments are actualized as the Mission’s mandate ends at marketing the country.”
Kapijimpanga said the Mission wooed one of India’s biggest seed processing companies, PRASAD Seeds, which was setting up a multi-million dollar processing facility in Zambia and the company had already been registered in Zambia.
“We further initiated talks with PME Power Solutions India Limited, one of the leading Indian transformer manufacturers which offered to set base in Zambia to service the country and the region, with a planned investment of USD$100 million target to create over 600 jobs.”
Kapijimpanga was also happy to have witnessed the launch of works to decongest Lusaka roads at a cost of US$289 Million on one of the biggest government to government cooperation projects.
“We were also in Bangladesh for talks with Bangladesh Export Import Company (BEXIMCO), the largest company in Bangladesh in textiles, garments manufacturing, pharmaceuticals and ceramics among others, which showed interest in setting up operations in Zambia noting that it has US$1.4 Billion group total investment in Bangladesh with 70 000 workers.”