CHINA PUMPS US$260M INTO ZAMBIA IN 2019
CHINA has this year invested US$260 million into the Zambian economy, Chinese Ambassador to Zambia, Li Jie, has said.
The US$260 injected between January and June, has been invested in the various sectors of the economy.
Mr Jie announced this during a consultative meeting with Finance Minister, Bwalya Ng’andu, in Lusaka yesterday.
He said the trade between Zambia and China would continue to increase in the medium to long-term.
He said the increasing interest expressed by international investors in the Zambian economy reflected the enabling nature of the country’s business environment.
“In 2018, bilateral trade was in excess of US$5 billion of which over US$4 billion were Zambia’s exports to China and US$800 million represented imports from Asia’s heavyweight economy. After Kenya, Zambia is China’s second largest trade partner in Africa,” Mr Jie said.
Mr Jie expressed his country’s
desire to continue to contribute to the implementation of developmental projects in Zambia.
He said infrastructure, built through the partnership of the two countries, would contribute to the attainment of the goals set in the Seventh National Development Plan (7NDP) and consequently to Zambia’s economic growth.
He reaffirm China’s readiness to help revitalise the Tanzania Zambia Railways (TAZARA), a joint venture transport company between Tanzania and Zambia constructed with support from China.
“China will be glad like to see TAZARA play a significant role in Zambia’s new development thrust,” the ambassador said.
“To operationalise the TAZARA revitalisation plan, China was ready to offer technical support to the company and to aid the railway company’s return to its former glory,” Mr Jie said. At its peak in the 70s, TAZARA transported in excess of five-million tonnes of cargo per annum but had declined to the current three-hundred-thousand tons per annum. Mr. JIE also said China was exploring new development cooperation models and was willing to support Zambia in the priority economic sectors outlined in the 7NDP such as agriculture, energy and tourism.
Meanwhile, Hitachi Corporation, a Japanese company is planning to set up a skills development academy on the Copperbelt Province for Zambians involved in the mining sector. Japanese Ambassador to Zambia, Hidenobu Sobashima, said Japan would help Zambia with technical assistance in fiscal and monetary policy matters.
In response, Dr Ng’andu appealed to Japan and other development partners for committed support in areas such as education, health, capacity building and social welfare. Dr Ng’andu also said the Forum for China-Africa Cooperation offered opportunities for Zambia to benefit in the areas of agriculture, infrastructure, energy, tourism and provincial development.
He further said, “Climate change is impacting gravely on Zambia and hence the gradual movement of the agriculture belt to the northerly regions of the country where rain and water bodies are in abundance.”
“Those natural endowments in the north need to be harnessed systematically for both hydro and renewable energy ventures,” he said.