India’s investment exceeds $3 billion .

GOVERNMNT says India’s foreign direct investment to Zambia has exceeded US$3 billion in various economic sectors of the country.

Justice Minister Wynter  Kabimba said Zambia’s export to India has continued to grow due to the country’s favourable economic conditions.


India’s investment to Zambia covers mining, agriculture, information technology and infrastructure among others.

He said Zambia’s export to India increased from US$51.4 million in 2009 compared to US$102.67 million in 2010 while India’s exports to Zambia stood at US$131.6 million in 2009 and US$88.34 in 2010.

“AS Government we take note of the contribution that India has made to the economy as FDI.
India today stands as one of the emerging economic giants in the world, it is therefore true that Zambia has a lot to learn from the country in catalysing its own economic growth using India’s experience,” he said.

Mr Kabimba was speaking at the India-Zambia business Expo meeting at Taj Pamodzi Hotel yesterday.

He commended the Indian Business Council of Zambia for promoting bilateral business saying the move has the potential to boost Zambia’s economy through sharing of knowledge and experience.

“Such initiatives have brought experienced business delegations to Zambia through the Indo-African chambers of commerce and Industry,” he said.

He urged business communities in Zambia to take every opportunity for growth by tapping into the Indian market through the Indian business council.
Mr Kabimba said Zambia will continue to build investor confidence as a measure of attracting more investment in various sectors of the economy.

“It is important to note that Zambia is a safe place to invest. The country just floated its inaugural Eurobond which has been oversubscribed and yielded US$750 million.
This is an excellent measure of the very high level of investor confidence in the country,” he said.

Earlier, Indian High commissioner to Zambia Ashok Kumar said the Indo-African Chambers of Commerce (IACC)’s visit to Zambia will benefit the country by allowing more investors in the country.

Mr Kumar said the partnership between Zambia and India is a good initiative that will benefit both countries, enhance trade and create employment opportunities for the Zambians.
He said Zambia has huge investment potential in different economic sectors and wondered why people are still poor.

“Zambia has a small population with huge resources, if you need money; India has money and technology to help you explore your resources for your benefit,” he said.

Mr Kumar said the visiting Indian delegation is a good strategy that will help assist develop different business sectors of the country and create opportunities for Zambians to interact with the specialised different business sectors.

He called on Zambians to learn from India on how to build capacity by using the available natural resources.
He said India stands ready to promote trade and investment as a way of assisting the country reduce poverty levels among the poor.

Mr Kumar said Zambia and India have enjoyed close friend that is not just based on dynamics of old mutual and trust but a connection of shared trust from colonial era.

Source : daily-mail.co.zm