Friday, March 29, 2024

Zambia benefits over US$ 3bn worth of Indian investment

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Commerce minister Felix Mutati

Commerce, Trade and Industry Minister Felix Mutati says Zambia has benefited from Indian investment worth over U$D3 billion for the past three years.

And Mr Mutati has disclosed that Zambia is happy to work with the Indian government adding that the bilateral relations existing between the two countries should be embraced by all loving Zambians.
Speaking at Pamodzi Hotel in Lusaka during the official launch of African Competition Programme (AFRICACOM) on Wednesday, Mr Mutati told the delegates that competition is vital to the development of any country world over and as such, Zambia will ensure that there is balanced competition in the private, public and consumer sectors.

He said Zambia delayed in signing for this agreement due to the fact that it did not include copper ore which has been one of the Zambia’s major exports to India. Mr Mutati further stated that market access to India has tremendously increased to 94% of late, a situation he described as good for the country’s economic development.

He cited the Konkola Single deep mine which was recently launched in Chingola as one of the biggest Indian investment of about US$1.6 billion. Mr Mutati said the Chingola Deep Mine would be the biggest mine in the country adding that the investment from India was poised to increase because the Indian Government was interested in some other projects in the country such as in Manganese mining among other investment opportunities.

And Mr Mutati said in order for Zambia to increase its investment portfolios, the country has created Small Medium Enterprises (SMES) which he said was key to moving the economy and that Government had designed programmes directed towards Small Medium Enterprises such as Economic Empowerment Fund.
He said Government has pumped US$40 million towards the same programme to facilitate the growth of Small and Medium Enterprises among them the preferential procurement, policy and legal framework and North to South trade corridors.

Meanwhile, United Nations Conference on Trade and Development (UNCTAD) Secretary General Supper Chiai said Zambia is one of the leading countries in the area of initiating strategies and preparedness for trade and globalisation in India and promised that the Indian Government is very much prepared in fostering this bilateral trade between the two countries,

Dr Chiai said India would not dictate to Zambia about trade policies embarked on by the Zambian Government but pledged to continue working together as partners in developing and enhancing trade between the two countries.

He said the Indian Government would continue helping Zambia in the area of diversification and increased trade volumes with other countries with common agenda in Africa and beyond respectively.

ZANIS

6 COMMENTS

  1. The funny thing about numbers is that they can be thrown around to portray a misleading picture. It reminds me of the US investment in the Honduras, where investors would build factories used to make clothing at a net cost of no more than 2 dollars each, pay employees less than 30 cents an hour and sell to Americans at 15 dollars. Yes, a few beneficiaries called this investment, while those more aware argued against the abuse. I pray fo the day when Zambians will be enlightened and accomodating enough to debate these issues in a civil manner. In the meantime, this is not good news, it is cow dang. The Indian firms are investing to benefit themselves, no fault of theirs, but out of the selfishness of our own leadership. Think, probe and progress fellow Zambians. Demand more!

  2. 1. ZAMBIA TOWARDS AN ECONOMIC INDUSTRIAL COMPLEX
    Buckle up your belts under this altruistic leadership of His Excellency President of Zambia the commander in-Chief of the armed Services Rupia Bwezani Banda. You are about to see and live in an “Economic Industrial Complex” of historic value and opportunities. RB and his most educated, people centric, humble, pragmatic core of leaders in the administration and the 3Es driving the Zambian economy is about to take off our country to industrialized prosperity. Be part of the prosperity drive ignore pessimistic sore losers laboring in vanity. With strong economic fundamentals and tools of real value driven development, plug yourself in prosperity now. The train is about to take off.

  3. **==o:-)=;~o) I ask at what cost to our future generations? >:d< I pray and plead the blood of our Lord Jesus Christ over our people, our nation Zambia and it's future.

  4. Zambians don’t want investment. They want to wallow in poverty forever.

    Don’t you realize that China, Taiwan, South Korea, Indonesia, Malaysia, Singapore, etc… have all climbed out of their hopeless economic states because of increased foreign direct investment?

    I think some Zambians are so bent on supporting their preferred candidates that they are willing to forgo billions of investment required to bring the country out of its misery. This is a very selfish approach to politics and it idolises leaders instead of holding them accountable.

    It was because of this attitude that KK became a God in Zambia. Now many bloggers here either claim to have a great hate for RB yet they can’t explain where he has gone wrong or they just want either HH or Sata to take over at all costs.

  5. PhD in politics or rhetoric? The nations you mention are examples of ones with leaders that have long invested in their people, their education and thus are able to sit in the drivers seat when it comes to how they trade with foriegn investors. You are blind to the fact that this is hardly the case in Zambia. You call it investment when you invite profit making companies to take over the operation of already running mines, pay little to no tax and and reinvest only enough to ensure their continued operations? This has nothing to do with any particular candidate, it is just common sense. What Zambia needs is foresight; as a nation you need to be able to leverage your abundance in raw materials that soon will run out, for a future of educated Zambians, and a self sustaining nation.

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