MUTATI EXPECTED IN INDIA FOR AfDB MEETING

Posted on : 19-05-2017 | Back | Print

Finance Minister FELIX MUTATI is next week expected in India to attend the this year’s Africa Development Bank (AfDB) annual convention to strengthen trade ties with African Countries.

Zambia’s High Commissioner to India JUDITH KAPIJIMPANGA says this year’s meeting follows a successful 2016 AfDB annual meeting held in Lusaka from May 23 to May 27, 2016.

Mrs. KAPIJIMPANGA who is also accredited to Bangladesh, Nepal, Sri Lanka, Myanmar, Maldives and Singapore says AfDB has 81 member countries of which 57 are from Africa and India is among the 24 non regional member countries.

Mrs. KAPIJIMPANGA says the 2017AfDB annual meetings will be held from May 22 to 28 at MAHATMA MANDIR under the theme ‘Transforming Agriculture for wealth creation in Africa.”

She says India’s exports to Africa have increased more than three –fold from US$ 7.0 Billion in 2005- 06 to US$23.1 Billion in 2016- 17 thereby accounting for 8.4 percent share in India’s exports.

The High Commissioner also says India’s imports from Africa, on the other hand, increased by nearly seven- fold from US$4.9 Billion in 2005- 6 to US$ 28.8 Billion in 2016- 17, thereby accounting for 7.5 percent share in India’s total imports.

Indian Prime Minister NARENDRA MODI is expected to inaugurate the upcoming AfDB Group’s annual convention in GHANDINAGAR on May 23, 2017.

“Trade between India and Zambia currently stands at USD700 million. Indian exports to Zambia include pharmaceuticals, transport equipment, plastics, and chemicals while semi-precious stones, non-ferrous metals, ores (copper and cobalt), semi-precious stones and raw cotton constitute Indian imports from Zambia. India and Zambia aim to increase this trade to USD1 billion and Zambia has been seeking investments from India in its core economic sectors,” said Mrs. KAPIJIMPANGA.

She says since 2007 FDI from India into the Zambian Economy have amounted to USD3 billion.

The High Commissioner says this includes a USD 2.6 billion investment by Vedanta Resource in Konkola Copper Mines, the establishment of a USD 300 million manganese processing plant by Taurian Manganese, and Bharti Airtel’s establishment of Airtel Zambia after is acquisition of Zain Telecom’s Africa Businesses.

Issued by:

Bangwe Naviley- First Secretary [Press and Tourism]

ZAMBIA HIGH COMMISSION

New Delhi, India



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