. President Lungu

By CHUSA SICHONE –
PRESIDENT Edgar Lungu has challenged the business executives in Zambia and India to work towards increasing trade between the two countries exceeding US $1 billion by the end of this year.
President Lungu observed that Zambia had over the years received a significant amount of Foreign Direct Investment from the Indian business community exceeding US $3 billion.
The Head of State, however, noted during the Zambia-India Business Forum in Lusaka yesterday, that trade between the two countries was under the US $1 billion mark.
“Trade between our two countries is still under US $1 billion, currently at between US $700 and US $800 million. I am, nevertheless, encouraged by the projections made that this is expected to possibly exceed US $1 billion by the end of this year.
“Let me take this opportunity to therefore, encourage the business men and women in this room and those who could not make it, to come and take advantage of the goodwill from us politicians and create relationships aimed at promoting more exports from both sides,” he said.
President Lungu said Zambia was proud of its relations with India and that it was committed to taking the ties to another dimension and transforming them into a strong base for investment and trade expansion between the two economies.
He assured that the Government was determined to promoting stability, upholding democracy, good governance and the rule of law besides creating an enabling environment necessary for accelerated, inclusive economic development and sustainable human development.
He told the Indian business community that the Government would ensure that their investments were safe and that Zambia’s business environment was among the most conducive in Africa for private sector participation.
President Lungu noted also that private sector growth would be a key catalyst if the Government was to achieve the aspirations espoused in the Seventh National Development Plan.
Indian President Ram Nath Kovind also observed that the bilateral and economic investment between the two countries had prospered over the years but a lot more could be done.
Mr Kovind was optimistic that the forum would lead to new pathways for the Zambia-India cooperation going forward.
Mr Kovind said there were new opportunities for the investors in Zambia and India to explore and expand upon for the betterment of both countries.
He cited areas such as agriculture, infrastructure, health, tourism and renewable energy as having presented new openings for Indian investors take up in Zambia.
Mr Kovind also called for active engagement of youths in both countries as their energies could “do wonders” for Zambia and India.
Commerce, Trade and Industry Minister Christopher Yaluma assured the Indian business community that the Zambian economy was open for them to invest and that the country’s investment climate was premised on a robust legal framework.
Mr Yaluma said the Zambia Development Agency Act guaranteed safety of investment against any form of unfair treatment.