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Zambia attracts $3bn investment from IndiaBy Sipilisiwe Ncube on 19 May 2017
Zambia’s High Commissioner to India Judith Kapijimpanga says trade between Zambia and India currently stands at US$700 million with Zambia’s continued seeking for investments from India in its core economic sectors.
And Kapijimpanga says since 2007, Foreign Direct Investment from India into the Zambian Economy has swelled to US$3 billion.
In a statement issued by First Secretary for Press and Tourism at the Zambian High Commission in India Bangwe Naviley, Kapijimpanga also disclosed that Finance Minister Felix Mutati was expected in India to attend the 2017 Africa Development Bank (AfDB) annual convention to be held from 22nd to 28th May at Mahatma Mandir Convention Center in India.
Kapijimpanga said the 2017 AfDB annual convention was expected to strengthen trade ties between India and African Countries.
“This year’s meeting follows a successful 2016 AfDB annual meeting held in Lusaka from May 23 to May 27, 2016,” Kapijimpanga said.Kapijimpanga who is also accredited to Bangladesh, Nepal, Sri Lanka, Myanmar, Maldives and Singapore revealed that AfDB had 81 member countries of which 57 were from Africa and that India was among the 24 non regional member countries.
The 2017 AFDB annual convention meeting will be held under the Theme; ‘Transforming Agriculture for wealth creation in Africa.
Meanwhile Kapijimpanga further disclosed that since 2007, Foreign Direct Investment from India into the Zambian Economy had swelled to US$3 billion.
“Trade between India and Zambia currently stands at USD700 million. Indian exports to Zambia include pharmaceuticals, transport equipment, plastics, and chemicals while semi-precious stones, non-ferrous metals, ores (copper and cobalt), semi-precious stones and raw cotton constitute India’s imports from Zambia. India and Zambia aim to increase this trade to US$1 billion and Zambia has been seeking investments from India in its core economic sectors,” said Kapijimpanga.
“The High Commissioner says this includes a US$ 2.6 billion investment by Vedanta Resource in Konkola Copper Mines, the establishment of a US$ 300 million manganese processing plant by Taurian Manganese, and Bharti Airtel’s establishment of Airtel Zambia after its acquisition of Zain Telecom’s Africa Businesses.”
About Sipilisiwe Ncube
Sipilisiwe Ncube is a Zambian journalist with a background in radio news.
Email: sipilisiwe [at] diggers [dot] news
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