Zambia-China trade soar to $3.5 billion

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TRADE volumes between Zambia and China stood at US$3.5 billion last year with trade volumes projected to increase this year due to continued trade ties between the two countries, Chinese Ambassador Zhou Yuxiao has said.

Mr Zhou said China will remain an active partner in Zambia’s trade to help spur economic development.

He said despite the trade relations the two countries share, Chinese investors have invested in various sectors of the economy and are creating jobs and business for local banks such as Investrust, thus contributing to Zambia’s growth.

“China remains an active partner in the economic development of Zambia as we have invested in all sectors including agriculture, manufacturing, retail and construction,” he said. 

Mr Zhou said this on Friday evening when Investrust Bank hosted a Chinese New Year cocktail for its Chinese clients.

The Chinese New Year, which falls on February 10, symbolises industriousness, auspiciousness, harmony and good wishes with this year’s New Year being the year of the snake.

He however urged the Chinese business community to provide quality services on the market so that they can compete favourably with other investors.

The Chinese envoy also hailed Zambia for being among the fastest growing economies amid global uncertainties saying the development is due to sound economic policies.

“Zambia like, China, is in the right track economy-wise, and as a country we are happy with your economic achievements,” he said.

Earlier, Investrust Bank managing director Friday Ndhlovu hailed China for investing in the country saying about 60,000 jobs have been created by the over 300 companies.

“As a bank we value the contribution that the Chinese business community makes to alleviate poverty …We have recognised the need to partner with the business community due to their immense contribution to the economy,” he said.

Mr Ndhlovu said the bank is alive to the fact that financial institutions cannot thrive without support from key players such as China.