Wednesday, November 5, 2008

Zambia looks at Indian SMEs for investment, expects USD 100 mn

The Economic Times, 16 Sep, 2008

The Government of Zambia and the Small and Medium Enterprises Business Development Chamber, India today signed an MoU appointing the Chamber as the nodal agency for undertaking promotional activities for investment, especially from SMEs, in the African nation.

The Memorandum of Understanding was signed by Zambia Minister for Commerce, Trade and Industry Felix Mutati and Small and Medium Enterprises Business Development Chamber President Chandrakant Salunkhe here.

"Zambia is looking at an investment of USD 50-100 million. We can harvest from the Indian SME experience," Mutati told PTI here adding that the country was looking at investment from India, especially in agro-processing, light engineering, chemicals and pharmaceutical sectors.

"SMEs are the drivers of the Indian economy sustaining the GDP in the country. We believe you (India) have the technology to give to Zambia," he said. Salunkhe also announced the setting up of a Indo-Zambian SMEs Development Council to further the agreement and formalise the network of co-operation.

Mutati has set the Chamber a target of bringing in 10 SMEs from india in the next six months. He announced the setting up of an Economic Zone especially for Indian SMEs in Zambia.

Mutati is also to meet his Indian counterpart Kamal Nath today to seek support and facilitation of the government in promoting Indian SMEs to go to Zambia.