Home Economy Zambia – China trade level reaches US$5bn

Zambia – China trade level reaches US$5bn

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The amount of two-sided trade between Zambia and China has reached US$5bn for the first time in the 55 years of two countries’ economic cooperation history.

Li Jie, Chinese Ambassador to Zambia, said the trade volume recorded in 2018 has brought to Zambia a year-on-year growth of 33.9% with a surplus of more than US$3bn.

Ambassador Jie also noted that China’s investment into the country has continued to grow and increased by US$327mln, making Zambia China’s second trading partner in African region.

This statement was made by Mr Jie during a press interview in Lusaka when he praised the 55th anniversary of Zambia’s independence and establishment of diplomatic relations between China and Zambia.

Mr Jie who appreciated Zambia’s live agenda described the country’s economic outlook as positive and progressive. He also said the huge development potential should be grown and embodied.

“I deeply feel that Zambia has great development potential. The country has a tradition of stability, the economy is growing fast, the society is full of vitality, and people’s livelihood continues to improve,” Ambassador Jie said.

Mr Jie stated that China would continue to invest in Zambia to help the country improve its economy in order to bring benefits to Zambians.

Ambassador Jie said China and Zambia had strengthened their work during the China-Africa cooperation forum discussing infrastructure, ICT, energy, agriculture, processing and manufacturing.

Mr Jie noticed that China’s fast economic development would continue to improve the China-Zambia economic and trade cooperation.

He said Zambia remained an important partner of China promoting a stronger China-Africa community with a shared future.

The Ambassador mentioned that President Xi Jinping had repeatedly stated on different occasions that China’s door of opening-up would not be closed but would continue to open even wider.

Mr Jie said the Chinese government wanted to expand imports, cut import tariffs, and further open up the market to establish balanced growth of foreign trade in China.

He stated that China would continue to assist Zambia’s industrialization process and the implementation of the 7NDP by maintaining a number of key projects such as the CMCC South-East ore body, Zambia-Jiangxi multi facility economic zone, Kafulafuta dam and water supply, village satellite TV, Smart Zambia and Levy Mwanawasa Hospital.

Ambassador Jie thinks that the new opportunities for cooperation between Chinese and Zambian enterprises are coming. These opportunities will help Zambia to become middle-income country with growing job creation, poverty reduction and improvement of people’s life condition.

Mr Jie said China did not have a trade balance with Zambia now, but was ready to support Zambia’s economic and social development through cementing bilateral trade.

Mr Jie also said this desire was demonstrated by initiatives like the 2018 agreement of quality Zambian honey importation to China.

 

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