India-Zambia trade ties to blossom - envoy

IT is encouraging that India is among the largest trading partners of Zambia, hitting in US$1 billion in 2018, Indian High Commissioner to Zambia Ngulkham Jathom Gangle has said.

Mr angle said the trade was witnessing a more than fivefold jump during the past decade and was hopeful that the growth trajectory would be sustained.

The envoy was speaking at the India-Southern Africa Regional Conclave in usaka.

“The balance of trade is significantly in favour of Zambia. We

expect our commercial ties to acquire a much higher trajectory

in the coming days. On the investment front, India is among the largest investors in Zambia with over US 5 billion investments.

“We believe, a stable and enabling business climate, based on the rule of law, will continue to attract foreign investors to

Zambia,” he said.

Mr angle said the volume of trade between India and SA C region had risen significantly in the past decade and was now US 25 billion.

e noted that India had moved up two spots to become the seventh most valuable nation brand’ in the world with its brand value increasing by 19 percent in the last one year to 2,5 2

billion.

“India is one of the fastest growing major economies in the world, with an expanding middle class with rising disposable incomes. I mention these to underline the myriad economic opportunities and possibilities, the Indian market can offer to

Southern African countries,” he said.

Mr angle said the SA C countries were blessed with

abundant natural resources and their expanding economies

offered opportunities in a variety of sectors.

“We look forward to more cooperation in diversified sectors such as agriculture, agro-based industries, mining, healthcare,

energy, ICT and tourism,” he said.

Meanwhile, Commerce Trade and Industry Minister,

Christopher aluma, said overnment was committed to taking

the warm trade relations to another dimension and transforming

them into a strong base for investment.

“We are proud of our relations with India which is evidenced by the growing number of our people of Indian origin who have

settled in our country.

“I have no doubt, therefore, that this conclave will provide us

with the opportunity to consolidate our Bilateral Economic ties with India and facilitate the growth of business linkages,” the Minister said.