29 January 2014

Africa: Japan Pledges More Investments to Africa

JAPAN will continue supporting the growth of economies in Africa through trade and investments by the private sector to ensure positive contribution towards the peoples' lives.

Japanese Ambassador to Zambia Kiyoshi Koinuma said the US$32 billion, which Japan would provide to African countries in five years, would contribute towards the growth of the economy of African countries including Zambia.

Mr Koinuma said during the Zambia-Japan Trade and Investment Promotion Forum in Lusaka yesterday that Japan would further provide US$700 million on the Nacara Corridor in the next five years to further support the development of the corridor.

The development of the corridor would have a positive impact on the economic development of Zambia in terms of strengthening trade.

Officiating at the occasion held at the New Government Complex, Commerce Trade and Industry minister Emmanuel Chenda said the Government would continue implementing business-friendly reforms through the Private Sector Development Reform Rrogramme (PSDRP).

The reforms are aimed at attracting more local and Foreign Direct Investments (FDI).

He said the Government would continue implementing regulatory reforms which were aimed at attracting FDIs and stimulate local industries in the country.

"Zambia provides incentive packages to all those investors who wish to invest in our priority sectors which include, among others, agriculture, tourism, manufacturing, construction, mining, energy and Information Communication Technology (ICT)," Mr Chenda said.

He said the preferential market access through the Common Market for Eastern and Southern Africa (COMESA), Southern African Development Community (SADC) and Eastern African Community (EAC) tripartite window was another opportunity.

He said a combined population of over 600 million people with a Gross Domestic Product (GDP) of US$ 3.5 trillion, the regional market presented a huge opportunity for Zambia's produce.

Japanese Chamber of Commerce and Industries in South Africa vice-chairperson Hiroshi Okado said Zambia had a huge potential in mining and other sectors like manufacturing, agriculture, tourism and energy which needed to be further exploited.

"The forum is a wonderful opportunity for Japanese investors to collect necessary information on business environments to explore business opportunity in Zambia," Mr Okado said.

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