Trade promotion deal sealed

A FIVE-YEAR agreement aimed at enhancing investment promotion and transfer of technology in key priority sectors of the economy has been sealed between the Zambia Development Agency (ZDA) and the Kenya Investment Authority (KenInvest).

The two parties under this agreement will promote the transfer of technology between the two countries in priority sectors of their economies and encourage linkages as well as partnerships between Small and Medium Enterprises (SMEs) from both countries.

The agreement will focus on both outward and inward foreign direct investment between both countries, says ZDA acting Manager - Communications and Public Relations, Russel Haamubbi.

Mr Haamubbi said the objectives of the agreement included leveraging on parties resources in promoting Foreign Direct Investments (FDI) consistent with the underlying

institutional mandate and legal framework of the two institutions.

“In addition, the two institutions hope to jointly execute activities that will enhance the investment relations between Zambia and Kenya, strengthen and maintain technical cooperation in areas identified in the agreement.

“The identified areas of collaborate include investment promotion and business facilitation, information exchange, collaboration and exchange programmes, organisation of events and aftercare facilitation,” he said in a statement.

In the area of investment promotion, he said, the two parties agreed to facilitate and aid investors from the country of one party desiring to invest in the country of the other party.