Indian investment into Zambia exceeds US$3 billion

Lusaka skyline ZambiaForeign investment into Zambia is fueling economic growth in the country's capital of Lusaka. (Image source: Michael Dr Gumtau)Indian foreign direct investment (FDI) to Zambia has surpassed US$3bn, according to Zambian justice minister Wynter Kabimba

Zambia’s exports to India have continued to grow in view of the country’s favourable economic climate, Kabimba said.

“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 and 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 enthused.

Zambia’s exports to India rose from US$51.4mn in 2009 to US$102.67mn in 2010, while India’s exports to the southern African country stood at US$131mn in 2009 compared to US$88.34mn in 2010.

Kabimba was speaking at the India-Zambia Business Expo meeting at Taj Pamodzi Hotel in Lusaka recently, where he commended the Indian Business Council of Zambia (IBCZ) for promoting bilateral business.

The initiative has the potential to boost Zambia’s economy through sharing of knowledge and experience, he explained.

"Such initiatives have brought experienced business delegations to Zambia through the Indo-African Chambers of Commerce and Industry,’’ he pointed out.

"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$750mn. This is an excellent measure of the very high level of investor confidence in the country.’’

The partnership between the two countries is set to enhance industries including mining, banking, agriculture, information technology and create employment opportunities for the Zambian people. 

Nawa Mutumweno

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