China-Zambia Trade Surges to Record $6.73 Billion, Expanding Economic Cooperation
The bilateral trade between China and Zambia has witnessed significant growth, reaching a record $6.73 billion, announced Felix Mutati, the Minister of Technology and Science.
Speaking at the 2023 Annual Gala Dinner of the Chinese Chamber of Commerce in Zambia (CCCZ), Minister Mutati commended the chamber’s efforts in fostering communication, information sharing, and mutually beneficial cooperation between businesses and the government.
The Minister highlighted the positive impact of the Chamber’s Investment-Trade Cooperation, playing a critical role in Zambia’s development across various sectors, including manufacturing, agriculture, tertiary education, construction, energy, and services.
He emphasized the need to identify additional opportunities to further boost Zambia’s net exports, which currently stand at $2.26 billion.
Minister Mutati acknowledged the substantial contributions of Chinese businesses to the Zambian economy, citing examples such as over $1.5 billion invested in the mining sector, 9% of capital projects in infrastructure development, and substantial investments in the energy sector, including hydroelectric power stations and solar power plants.
In agriculture, he highlighted the $20 million Grand Project Zambia-China Economic and Trade Cooperation, attracting over sixty enterprises. Additionally, he noted China’s $50 million investment in the Kalungwishi farm block.
Encouraging further collaboration, the Minister urged the CCCZ to forge partnerships with Zambian businesses, emphasizing the importance of diversifying trade to foster economic growth for both countries.
Tourism Minister Rodney Sikumba announced a “No VISA Restrictions” policy for citizens of the People’s Republic of China, aiming to enhance tourism in Zambia.
Minister Sikumba emphasized the need to break language barriers to attract more Chinese investments, considering Zambia’s abundant natural resources.
A representative from the Ministry of Home Affairs and Internal Security assured the CCCZ of a peaceful and conducive business environment in Zambia.
The Chinese Ambassador’s representative, H.E. Du Xiaohui, highlighted the comprehensive strategy of a cooperative partnership between the two nations.
He commended President Hakainde Hichilema for supporting Small Scale and Medium Enterprises (SMEs) and encouraged Chinese businesses to explore investment opportunities in Zambia, creating more exports to China.
The ambassador also emphasized the importance of partnerships involving businesses and civil society in fostering sustainable development.
The Gala Dinner served as a platform for celebrating the growing economic ties between China and Zambia, with participants expressing optimism about future collaborations and opportunities.
