Zambia seeks Indian investment in agriculture, IT

December 8th, 2010 - 10:02 pm ICT by IANS  

Kolkata, Dec 8 (IANS) Promising tax rebates, Zambia Wednesday sought Indian investment in a host of sectors, including agriculture, construction, mining and IT.

Zambia’s envoy here identified education, heavy engineering and pharmaceuticals as other areas where Indian entrepreneurs could set up shop in his country.

“Investment for agriculture in cash crops such as cotton and tobacco has a promising future in Zambia because the temperature fluctuates between only 16 degrees Celsius and 33 degrees Celsius,” said Allan D. Kalebuka, deputy high commissioner of Zambia here.

Kalebuka also referred to the vast natural resources such as coal, copper, uranium and silver in his country that could be exploited by miners.

“Investment in construction of roads, airport and railways too is profitable,” he said.

“There are also opportunities for investment in the fields of IT, education, pharmaceuticals and various other industries,” said Kalebuka.

“Investors will get benefits of tax-free periods before earning profit. Also the equipment that will be brought by the investors will be duty and tax free,” he added.

“We hope to eradicate certain diseases by 2020 and also reduce the HIV rate in our country with the help of pharmaceuticals industry.”

Shyam Sundar Beriwala, president of the Merchants Chamber of Commerce, said the trade between the two nations had declined during the economic down-turn, reducing India’s export from $170 million in 2008-2009 to $88 million in 2009-2010.

Also, imports declined from $208 million in 2008-2009 to $102 million in 2009-2010, said Beriwala.

Related Stories

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |