China has pledged more investments into Zambia especially in telecommunications, infrastructure and mining sectors.
And Standard Chartered Bank managing director Mizinga Melu said Africa-China Trade has risen tenfold in less than a decade.
Chinese Ambassador to Zambia Zhou Yuxiao said China was keen to continue participating in the economic development of Zambia especially in the areas of infrastructure development, telecommunications and mining.
“China will continue increasing investment in Zambia because of the investment climate prevailing in the country,” Mr Zhou said.
Speaking at the Chinese New Year dinner in Lusaka hosted by Standard Chartered Bank for Chinese clients on Tuesday evening, Mr Zhou said the trade between China and Zambia has continued to grow through the Africa –China Trade Corridor.
He said the Africa –China Trade Corridor has reached US$200 billion but that the figure should increase considering that trade with a single country, South Korea was over $250 billion.
Mr Zhou said he was pleased to note that Standard Chartered Bank was now offering on-shore Renminbi/Chinese Yuan (RMB) trading accounts in Zambia which he said was acting as a bridge between China and Zambia.
He said that was facilitating fast and effective trade relations with Chinese supplies, buyers and other related global customers.
Meanwhile Mrs Melu said Africa-China trade has significantly risen by tenfold in less than a decade and that looking forward Africa was expected to have 1.1 billion people of working age by 2040 and would represent a very attractive consumer base for expanding companies to tap in.
“Standard Chartered has the history, the presence and the expertise to make a tangible difference in supporting this increasing channel of economic growth,” Mrs Melu said.
Mrs Melu said the trade and investment linkages between the two countries were significant and the bank was well positioned to serve clients and customers that trade and invest in the two markets.
She said the Africa –China Trade Corridor has become the most influential socio-economic development for Africa because of its resilience, in the face of the world most acute economic downturn.
Smoke and mirrors!!!
Why can’t we work hard and be the “investors” instead of always waiting for foreigners?What is the stock of zambian investments in other nations??? (and don’t tell me of plots or apartments coz thats all zambians know in zed)
One bad thing about the Chinese is that they ill treat their employees & pay peanuts
China Is an economic giant even the USA is scared of China . We cant go wrong as a country to create economic linkages with this great country . We urge the policy makers to develop policies that are biased towards Science and technology because without this it will be very difficult to compete globally. The appreciation of ICT tools is very low in our country . For those of our citizens who have chosen IT and engineering as their careers they need to be practical and innovative as opposed to being academic just boasting of this qualification and that and yet no practical application. At least our crafts men are working: making grill gates, door frames, window frames, water tanks stands etc.
Yes but investment must be monitored including sensible contracts signed which should include corporate social responsibility, only a percentage of the profit should be externalized, positions advertised and if no qualified Zambian is found then the job can be offered to any. rule of law to apply firmly. Wake up zambia!!!
More investment, yet the ordinary people are benefiting. Ma rubbish investment ya ku matako!