Q FM Africa's Modern Radio
Chinese ambassador to Zambia Li Jie has disclosed that bilateral trade volume between china and Zambia has increased dramatically from USD 2.36 billion in 2017 to USD 5.07 billion in 2018.
Mr. Jie says china’s focus in its economic cooperation with Zambia is now skewed towards promoting direct private sector investments that will not require any sovereign guarantees from the Zambian government.
He stated that Zambia has a trade surplus with china which has seen the figure grow significantly from USD 1.25 billion in 2015 to USD 3.13 billion USD in 2018. The ambassador attributed the situation to the strength of the two country’s economic partnership.
Mr. Jie says given that Zambia has over the last few years been faced with an increasing trade deficit and diminishing foreign exchange reserves, current trade relations with china are of vital importance especially that the country aims to accelerate its push for exports to the large Chinese market.
The Chinese envoy took the opportunity to urge the Zambian government to continue protecting and growing the country’s world acclaimed reputation as an “economically stable and politically democratic nation whose citizens cherish peace.”
He was speaking, on Wednesday, when he paid a courtesy call on Zambia’s Minister of Finance, Margaret Mwanakatwe at her office in Lusaka.
The ambassador was accompanied by economic Counsellor at the Chinese embassy in Lusaka, Ouyang Daobing.
And speaking at the same event, Finance Minister Margaret Mwanakatwe has applauded the assurance made by the Chinese ambassador that among china’s future dimensions of cooperation with Zambia will be the focus on non-sovereign guaranteed private sector investments.
Mrs Mwanakatwe says the approach to promote direct investments will help build confidence in Zambia’s medium term debt strategy on the local and international market.
The minister says through diversification and enhanced value chain promotion programmes, Zambia will take advantage of the warm relationship it has with china to ship more non-traditional exports to the world’s second largest economy and the world’s largest sovereign market.
This is contained in a statement made available to q-news by Ministry of Finance Public Relations Manager Chileshe Kandeta.