31 January 2013

Zambia: China Pledges More Investments

CHINA has pledged more investments into Zambia, especially in telecommunications, infrastructure and mining sectors.

And Standard Chartered Bank managing director Mizinga Melu said Africa-China Trade has risen tenfold in less than a decade.

Chinese Ambassador to Zambia Zhou Yuxiao said China was keen to continue participating in the economic development of Zambia, especially in the areas of infrastructure development, telecommunications and mining.

"China will continue increasing investment in Zambia because of the investment climate prevailing in the country," Mr Zhou said.

Speaking at the Chinese New Year dinner in Lusaka hosted by Standard Chartered Bank for Chinese clients on Tuesday evening, Mr Zhou said the trade between China and Zambia has continued to grow through the Africa-China Trade Corridor.

He said the Africa -China Trade Corridor has reached US$200 billion but that the figure should increase considering that trade with a single country, South Korea was over $250 billion.

Mr Zhou said he was pleased to note that Standard Chartered Bank was now offering on-shore Renminbi/Chinese Yuan (RMB) trading accounts in Zambia which he said was acting as a bridge between China and Zambia.

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