Wednesday, November 5, 2008

India welcomes Multi Facility Economic Zone for Indian companies in Zambia

September 17, 2008

Shri Kamal Nath, Union Minister of Commerce & Industry, has welcomed the Multi Facility Economic Zone created by the Zambia Development Agency for Indian Companies to set up manufacturing and services industries in Zambia. During the bilateral meeting with Mr. Felix C. Mutati, Minister for Trade, Commerce and Industry, Zambia, here today, Shri Kamal Nath stated that India has lot to offer for infrastructural development in Zambia, particularly in energy, mining, agriculture, commercial building and road transportation sectors. He further added that India would like to explore and invest in the development of industries-based crops such as cotton, sugar, soya bean and groundnuts. Both sides agreed for cooperation for capacity building in the field of agro-processing and development of agro product markets. The meeting was attended by Shri Ajai Shankar, Secretary (DIPP), senior officials from both the countries and representatives from CII and FICCI.

India’s investments in Zambia have been US $ 2 billion up to 2008. The major Indian companies, which have invested in Zambia, are in the copper mining sector. Capital inflow is also taking place in other sectors like banking, health and education.

As regards India-Zambia Joint Trade Committee Meeting, Shri Kamal Nath hoped that Zambia would convene the 3rd Meeting at the earliest to further strengthen India-Zambia trade and economic relations. The 2nd Meeting was held during 2006 in New Delhi.

The bilateral goods trade between India and Zambia has seen a growth of 6.43% between 2006-07 and 2007-08. The total bilateral trade during 2007-08 was US $ 206.96 million. The major items of India’s exports are machinery & instruments, drugs, pharmaceuticals & fine chemicals, electronic goods, transport equipment etc. The major items of India’s imports are metalifers ores & metal scrap, pearls, precious & semi-precious stones, non-ferrous metals, leather etc.