7 December 2012

Zambia: Nation-China Trade Booms

THE total value of Chinese investments into Zambia has increased to more than US$2 billion, with most of them being in the mining sector on the Copperbelt.

Other investments are in agriculture, manufacturing, construction, energy and tourism.

Chinese Ambassador to Zambia, Zhou Yuxiao said the Chinese investments had reached more than US$2 billion in the last few years.

In an interview in Lusaka, Mr Zhou said Chinese firms would continue to invest in Zambia, adding that the partnership between the two countries should spur sustainable economic development which would mutually benefit the two nations.

Recently, Mr Zhou said Chinese firms had created more than 50,000 job opportunities.

And the trade volume between China and Zambia reached $3.4 billion in 2011 with Zambia enjoying a trade surplus of $2.17 billion, which was nearly equivalent to Zambia's current foreign exchange reserves.

Mr Zhou said a Chinese firm this year alone had invested $40 million to set up Golden Peacock Hotel in Lusaka and China Non-ferrous Metal Mining expanded investment, Chambishi Multi-Facility Economic Zone (MFEZ) was attracting additional investment, apart from other

investments in the mining, construction and agriculture likely to come in.

He was happy that the Zambian Government was placing emphasis on infrastructure development which he said would stimulate growth.

Mr Zhou said China was satisfied with the Government's policies and its positive macro-economic growth, adding that his country supported the anti-corruption campaigns being carried out.

He said the Zambian economy was growing at a fast pace and China would continue to look for more investment opportunities in the key productive sectors of the economy.

Since China established diplomatic relations with Zambia, the country has remained steadfast and consistent in carrying out its friendly policy towards Zambia.

"The right policies and approaches towards each other have set our bilateral relationship on the right course, facilitated close cooperation and brought about tremendous progress and achievements in almost every field," he said.

Mr Zhou said the current bilateral relations between China and Zambia were fast developing, while the two countries' cooperation in various areas was on the right course and enjoying bright future.

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