CHATULA KANGALI –
STANBIC Bank Zambia has said the country’s economic partnership with China will continue driving Zambia’s economic and social development.
China is one of Zambia’s biggest export destinations as well as one of the largest sources of imports.
More than 500 Chinese companies operate in Zambia with a cumulative investment of over US$3 billion, resulting in more than 50,000 jobs.
Stanbic Head of Corporate and Investment Banking Helen Lubamba said that Zambia’s relationship    with China had continued to grow.
Ms Lubamba was speaking at the bank’s Chinese New Year celebrations in Lusaka at the weakened.
According to the statement by Langmead and Baker Limited, Ms Lubamba said that Chinese  business partnerships played a huge role in the development of the manufacturing, construction energy, agriculture and   tourism in the country.
“As a bank we see ourselves as a major partner in China’s plans of increasing its investment in Zambia’s construction, production and manufacturing sectors, through the provision of the much-needed capital,” she said.
Ms Lubamba said that the Standard Bank Group was part of Industrial and Commercial Bank of China (ICBC) which owns 20 percent of the bank.
She said that ICBC and Standard Bank were exploring new business opportunities to expand their cooperation into new areas that would bring solutions to challenges in accessing finance for big projects.
In 2015, the Chinese government pledged to increase investments in the Zambian economy to over US$3 billion.
Chinese investments in Zambia are primarily resource seeking and have been concentrated in the mining sector.