Trade between Zambia and India has exceeded the targeted US$1 billion in the year 2018.
According to a statement released to ZANIS by First Secretary for Press and Tourism at the Zambian High Commission in India, Bangwe Naviley, trade between the two countries has improved from US$650 million in the year 2016 to US$980 million in 2017 and it has now exceeded the US$1 billion target for the year 2018.
Zambia’s High Commissioner to India Judith Kapijimpanga disclosed that the business visas issued to Indian traders and investors also increased from 520 in the year 2017 to 602 in the year 2018, which represents an increase of 82.
Ms. Kapijimpanga 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,” Mrs. Kapijimpanga said.
She said the mission also 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,” she added.
Mrs. Kapijimpanga further said the mission wooed one of India’s biggest seed processing companies, PRASAD Seeds, which is setting up a multi-million dollar processing facility in Zambia. The company has 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,” she explained.
She expressed happiness to have witnessed the launch of works to decongest Lusaka roads at a cost of US$289 million, which she said was 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. It has US$1.4 billion group total investment in Bangladesh with 70 000 workers,” she said.