ZAMBIA-CHINA TRADE HITS 33 P.C. GROWTH
TRADE volumes between Zambia and China as of last year reached US$5 billion, representing a year on year growth of 33.9 percent, says Chinese Ambassador to Zambia Li Jie.
The trade volumes for the two countries in 2017 were at US $4 billion.
Mr Li said China’s direct investment to Zambia had maintained a constant growth with an increase of US$327 million, ranking second among African countries.
He was speaking during the Chinese’s New Year Dinner hosted by Standard Chartered Bank in Lusaka.
Mr Li commended the Zambian Government for the commitment and efforts made to improve the business environment. “I would like to reiterate that the Chinese side is ready to make joint efforts with the Zambian side to push bilateral pragmatic cooperation onto a higher level.
“There are number of key projects of practical cooperation in the fields of Energy, infrastructure, and manufacturing that have been making remarkable progress,
which provide industrialization and push forward the Seventh National Development plan,” he said.
And Standard Chartered Bank, Managing Director, Herman Kasekende said the bank had supported over US$1.1 billion worth of trade and infrastructure projects between Zambia and China in the key sectors such a s mining, construction, trade and manufacturing.
Mr Kasekende said in 2017, the bank had announced its commitment to support the Belt and Road initiative by facilitating financing to the value of at least $20 billion by 2020.
“Our commitment to facilitate Belt and Road financing will be as an intermediary and service provider across a full range of lending, financial markets, transaction banking, Capital markets and projects finance activities,” he said.
Mr Kasekende said it was estimated that the volume of trade between Zambia and China in 2017 stood at close to $4 billion adding that, the bank supported over 150 Chinese’s companies in Zambia.
He said Standard Chartered Bank was one of the largest foreign bank networks in China with over 100 branches.
“We are all well aware of China’s economic growth and success. China has taken centre stage in the world economy and is an economic powerhouse.
“The bank is well placed to facilitate trade between the two continents and indeed between Zambia and China," he said.
Meanwhile, Commerce Trade and Industry Minister, Christopher Yaluma, said the relationship between Zambia and China for years was based on mutual respect and cardinal bilateral relations.
“Our economic partnership with China cuts across many different sectors and is growing more prominent as Zambia becomes increasingly industrialised,” he said.
Mr Yaluma said Government would continue creating an enabling environment for businesses and investments to flourish.