India pledges investment, assistance to Zambia
Friday, 08 Jan 2010
Visiting Indian business delegation said on Thursday that the Asian country would like to invest in the key sectors of Zambia, with a commitment of assistance to the Zambian business sector.
R K Mahna, Deputy Director of Confederations of Indian Industry Africa Desk, said India is keen to invest in key sectors in Zambia especially in the motor vehicle, mining, agriculture and infrastructure development.
The Indian investment in Zambia is accumulated to 1.6 billion U. S. dollars, mostly in cooper mines in the southern African country.
Mahna, who led an Indian business delegation, meeting with his Zambian business counterparts on Thursday, also revealed that the Indian government has pledged to offer technological assistance in form of equipment to the Zambian business sector.
The meeting was held when Indian Vice President Shri M. Hamid Ansari was paying a state visit to Zambia, with a delegation of officials, media and businessmen.
Mahna said his country's assistance to Zambia was based on Zambia's determination to improving her business sector.
At the meeting, Mahna also bemoaned the high lending interest rates offered by commercial banks in Zambia.
He said high interest rates has a negative effect on doing business in the country and he has since appealed to the Zambian government to consider looking into the matter of lowering the interest rates to attract more foreign investment into Zambia.
Speaking at the same occasion, Zambia Association of Chambers of Commerce and Industry ( ZACCI) President Hansan Sindowe said Zambia stands to benefit a lot from India because of its vast experience in the business sector.
Sindowe described the meeting with their Indian business counterparts as a milestone for the nation as it will offer an opportunity to sell Zambian products to the outside world thereby attracting more investors to invest in the country.
Zambia on Wednesday signed a 50-million-U.S. dollar loan facility with the Export and Import ( Exim) Bank of India for developing one of its hydro power project.
And according to the visiting Indian Vice President Ansari, another 75-million-dollar loan facility has been set aside for Zambia's developmental projects for the next two years in the agriculture and education sectors.
