ZAMBIA, USA SEAL BUSINESS FUNDING PACT
ZAMBIA has signed an agreement with the United States of America which will open up possible funding for businesses from both countries.
Zambia Chamber of Commerce and Industry (ZACCI) signed on behalf of Zambian businesses while United States Africa Trade Council signed for U.S businesses.
The agreement is with immediate effect.
The Memorandum of Understanding (MoU) will provide funding opportunities for businesses from both countries while creating linkages, says ZACCI president, Chabuka Kawesha.
Dr Kawesha said during the signing of the MoU in Lusaka yesterday that the agreement would create a platform for business linkages from both countries.
“You may be a local investor interested in investing in the U.S so it is not a one way agreement. The initiative is bilateral. You may want as a Zambian to invest in U.S. So those are initiatives and opportunities,” he said.
Dr Kawesha said the MoU was meant to promote internationalisation of Zambian products and services to the U.S market.
He said it would help in trade facilitation through the reduction of transaction costs in national and international economies and strengthen trade possible ways and elimination of procedures.
“We enter into this MoU with the desire to contribute to the development and sustenance of the well-being of the people of Zambia by ensuring that mutual beneficial. Economic corporation among countries is vital in job creation economic growth,” he said.
United States Africa Trade Council-Atlanta Chairperson, Elizabeth Nkumbula, said the MoU would facilitate market research and information of any funding which was available to the United States for the Zambian businesses.
Dr Nkumbula said the Unites States offered the largest consumer market and that it was an investment destination and a platform for global growth.
“This is why the signing of this agreement is such a significant event. It shows that even amidst a pandemic and the worst recession in decades, our countries are committed to work together to prosper our economies,” she said.
Dr Nkumbula stressed the need to explore all avenues to benefit, and diversify Zambia’s economy.
She said Zambia’s lack of economic diversification made it vulnerable to fluctuations in the world commodities market.
“Zambia has a generous natural resource endowment. Ample mineral resources, a vast amount of arable land and high potential in tourism and hydropower, make Zambia a resource rich country, providing a strong economic base,” she said.