Zambia woos Indian investors for better business relations

By Staff
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Google Oneindia News

Kolkata, Mar 29 (UNI) Zambian Ambassador Keli Walubita here today urged the Indian entrepreuners to invest in his country, an emerging destination for trade, mining, gemstones and investments.

Talking to the newsmen and entrepreuners, Mr Walubita said,'' Our President Levy Patrick Mwanawasa was keen to do business with India and has asked the Indian government for partnership, joint ventures, investments and technological exchanges.'' The move comes after an Indian business delegation held talks with Zambian government on March 26 in Lusaka.

He said India happens to be the largest investor in gemstone and mining industry and the Economic Zones, coming up in the country, would also benefit the Indian traders.

Mr Walubita also informed that Zambia has largest number of HIV positives and India's pharma industry could provide medicines at affordable costs.

He also appealed to the Indian investors to take advantage of the country's reformed economic policies like reduction in controls on consumer prices and interest rates, reduction in consumer subsidies, particularly on maize, an "own funded" import scheme that legalised certain transactions for Zambians illegally holding foreign exchange, and introduction of an auction for foreign exchange.

According to Zambian government figures, Zambia's exports to India from 2001 to 2004 stood at 110 million US dollars and mainly comprises copper cathodes, precious stones, cotton yarn and cut flowers while imports during the same period stood at 145 million dollars and mainly comprise rice, medical equipment, spares for equipment and machinery and spices.

The figures also show that India's investment in Zambia currently stands at about 106 million dollars mainly in the agricultural, manufacturing, mining, services and transport.

UNI

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