ZAMBIA-INDIA TRADE VOLUME TO EXCEED US$1BN
By BUSINESS REPORTER PRESIDENT Edgar Lungu says Zambia - India trade volume is expected to exceed US$1 billion before the end of this year.
The Head of State said Lusaka was committed to creating a conducive environment aimed at growing trade activities between the two nations.
President Lungu said this at the Zambia-India Business Forum held on Wednesday at Taj Pamodzi Hotel.
He explained that trade between Zambia and India was currently at between US$700 million and US$ 800 million.
“I have no doubt that this platform will provide us with the opportunity to consolidate our economic ties and facilitate the growth of business linkages,” said President Lungu.
He said his government was proud of the relations it was enjoying with India and that he was committed to taking these relations to another dimension and transforming them into a strong base for investment and trade expansion between the two economies.
President Lungu said Zambia had over the years received a significant amount of Foreign Direct Investment (FDI) from Indian business community.
“Notable ones include the US$300 million manganese processing plant established by Taurian Manganese, and Airtel Zambia established by Bharti Airtel after its acquisition of Zain Telecom in Africa,
“Other Indian companies which have set their footing in Zambia include Nava Bharat Singapore Limited, a subsidiary of Nava Bharat Ventures Limited of India which has invested US$108 million in coal production including a coal fired power plant of a minimum generation capacity of 300 megawatts at Maamba Collieries in Southern part of Zambia,” he said
The President explained that other Indian companies operating in Zambia were Indo Zambia Bank and Taj Pamodzi Hotel.
“Let me take this opportunity to therefore encourage business men and women and those who could not make it, to come and take advantage of good will from us politicians and create relationships aimed at promoting more exports from both sides,” said President Lungu.
And his Indian counterpart, Mr Ram Nath Konvid said he was ready to work with President Lungu to further bilateral ties between India and Zambia.
Mr Konvid also said his government was committed to assist Zambia in various economic sectors.