Economy Editor's Picks International Business

Zambia to deepen Economic Cooperation with Guangdong Province

Zambia’s Ambassador to China observes that Zambia is well endowed with forest resources that play an important role in the development of the national economy and in improving the living standards of the people.

Speaking when during a meeting with Director General for Guangdong Provincial Foreign Affairs Office Mr. Cheng Qiuyan, to discuss investment in Zambia’s priority sectors, Mrs. Winnie Chibesakunda said China imports raw materials for making furniture from Zambia and that most Africans travel to Guangdong Province to buy furniture hence the need to set up a factory in Zambia.

Ambassador Chibesakunda observed that Zambia is centrally located and has access to wider regional markets such as COMESA and SADC.

She informed Guangdong Foreign Affairs Office that the Zambian Government encourages investment in the wood and wood sub sector in order to improve the technologies, increase employment and improve the sub sector’s contribution to the Gross Domestic Product (GDP).

Ambassador Chibesakunda acknowledged the efforts of the Zambian Consulate in attracting investment from Guangdong Province into Zambia and pledged to work together with the Province to deepen economic ties between the two sides.

And during the same event, Guangdong Foreign Affairs Office also donated medical supplies to Zambia worth US$16,500, which include 50,000 surgical masks and 100 infrared thermometers to help the country in the fight against Covid–19.

Meanwhile, the Director General of Guangdong Provincial Foreign Affairs Office assured Zambia’s Ambassador of continued support to Zambia in the fight against Covid–19.
Guangdong Province is a leading manufacturing hub in China accounting for almost 10% of China’s GDP. Trade between Zambia and Guangdong Province has been growing steadily and stood at US$659 million in 2019 and at 209 million during the first half of 2020. Trade goods include copper, wood, building materials, electronic products, agriculture machinery among others. Trade between the two sides has slowed down due to travel restriction in the wake of the Covid-19 pandemic.

Related posts

Women @ Money – Career Development

Money FM

ZP raises over 156 thousand in New Year’s fines

Money FM

Process of phasing out scratch cards still in effect-ZICTA

Money FM

Leave a Comment