Zambia hopes to treble trade with India

August 23rd, 2012 - 5:50 pm ICT by IANS  

Kolkata, Aug 23 (IANS) Zambia’s envoy to India Thursday hoped that bilateral trade will treble from the current $190 million and also sought Indian investment in her country.

“Zambia is Africa’s most investor-friendly country due to its political stability and suitable economic fundamentals that guarantee protection of foreign investment,” High Commissioner Susan Sikaneta said.

“I urge Indian investors to invest in my country,” she added.

Speaking at an Indian Chamber of Commerce organised interactive session, Sikaneta said Zambia was likely to get the targeted $1 billion worth of foreign direct investment (FDI) from India this year.

She said Zambia had initiated several economic reforms which made it an attractive investment destination and invited investment in sectors like mining, engineering, energy and agriculture.

“We are very rich in copper and we want India to not only invest in copper but also in other fields including tourism. We have several famous national parks and we want them to be marketed effectively,” she said.

She said India was the largest source of FDI for her country.

The Tata Group has invested $200 million in Kabwe tannery. Other Indian firms Varun Beverages, Indo Zambia, Nava Bharat, Bharti Airtel and Zesco have also invested in Zambia.

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