By JUDITH NAMUTOWE –
CHINA-ZAMBIA trade volume is projected to hit $10 billion over the next few years, Barclays Bank Zambia (BBZ) managing director Mizinga Melu has said.
And BBZ is set to be renamed Absa Group Limited following the sell down by Barclays Plc of its majority stake.
Ms Melu said it was expected that China-Zambia trade will grow from the current $3.78 billion to $10 billion over the next few year.
She was speaking at a dinner the bank hosted  to celebrate the Chinese Year of the Dog with representatives from Chinese companies and community in Zambia on Wednesday night.
“The Chinese Ambassador did validate the number at $3.79 billion, but it has continued to grow, and we see continuing to grow to about $10 billion over the next few years.
“I think what is important to note is trade between Zambia and China continues to grow, but most importantly is Zambia is the largest    destination that the Chinese have partnered with especially  when you look at minerals such as copper,” Ms Melu said.
Chinese Ambassador to Zambia Yang Youming said the bilateral trade volume in 2017 reached $3.79 billion with the year- on -year growth of 41 .74 per cent.
Mr Yang said China’s investment in Zambia maintained constant growth.
“To us this is the kindest  gesture, demonstrating  that  BBZ  attaches great importance to  its  cooperation  with the Chinese  enterprises  and appreciates  the end economic  and trade cooperation relationship between China  and Zambia,” Mr Yang said.
He said China and Zambia exchange and cooperation in every field enjoyed a rapid  development and  made  rewarding achievements.
And Mr Yang said China was in the process of linking “Belt and Road” with the United Nations  (UN) 2030  Agenda for sustainable development and development  strategies  of the African countries  including Zambia.
He said China’s joint effort with African countries for the Belt and Road initiative could offer more resources and a means for accelerating industrialisation and modernisation in Africa.
Mr Yang challenged BBZ and other financial institutions to seize the opportunities and improve   services.
And Ms Melu announced BBZ’s intention to re-brand to Absa during a media briefing in Lusaka yesterday.