By MAIMBOLWA MULIKELELA –
ZAMBIA says that the Chinese investments in infrastructure projects have played a key role in local economic development.
Commerce, Trade and Industry Minister Margaret Mwanakatwe said the Government recognised China as an important trade, investment and economic cooperation partner.
“To-date, the bilateral relations has grown from strength to strength as evidenced by the trade between our two countries, which has now surpassed US$3.8 billion with an accumulated amount of investment of over US$3 billion and over 500 Chinese companies operating in Zambia,” she said.
Ms Mwanakatwe said this in a speech read for her by her ministry’s Permanent Secretary Kayula Siame during the during a dinner hosted by Standard Chartered Bank to mark the celebration of the Chinese New Year in Lusaka last week.
During the same occasion Chinese Ambassador to Zambia Yang Youming urged Zambia to formulate more preferential policies that will stimulate foreign direct investment (FDI).
He said China anticipated that the Zambian Government would formulate more preferential policies and maintain consistency for all foreign investment.
This will help create a better social and public opinion environment to encourage and support foreign investment, and provide stronger and more efficient public service.
He noted that with an increase in commodity prices, the copper industry had began to recover thereby creating more jobs and contributing to Government’s finances.
Mr Yang also said the good rainfall pattern being experienced around the country would help alleviate the power shortages and improve agriculture production.
He commended Government for strengthening the national planning mechanism particularly with the creation of the Ministry of National Planning.
Standard Chartered Bank chief executive officer Herman Kasekende said the bank was best placed to facilitate trade between Zambia and China and the Asia-Africa corridor.
“It is a known fact that trade between the Asia-Africa corridors is striking a hallmark in international trade and investment.
“This is due to our unique deep knowledge and extensive presence in the two countries. This is a unique differentiator and competitive advantage,” Mr Kasekende said.