Minister of Trade Christopher Yaluma has urged the Zambian Business Community to step up in addressing the trade in-balance between Zambia and Egypt which in December 2018 showed that export to Egypt stood at a meager US$1.3 million while imports were over US$108 million.
Speaking at the singing in ceremony of a Memorandum of understanding (MoU) between the Zambia Chamber of Commerce Trade and Industry (ZACCI) and the Federation of Egyptian Industries-FEI at Taj Pamodzi Hotel on Match 19th 2019 attended by the Zambian Business Times – ZBT, Yaluma said the private sector has a vital role to play in enhancing the economic relations between the two counties.
The minister said Government is delighted to note the growing interest from Egypt to Invest in Zambia as evidenced by the number of inward missions that are undertaken to explore opportunities for investing and trading with Zambia.
“Our desire therefore is that an improved investment and trade climate in both countries supported by the MoU that will be signed here today, we will see more investment moving in both directions and as well as increased trade in value added goods and services”. He said
He added that the current trade and investment between the two countries is not encouraging as at December last Year, 2018, Zambia’s export to Egypt stood at a meager US$1.3 million while imports were just over US$108 million hence this platform will yield sustainable investment and trade benefiting both the Zambia and Egyptian economies.
And ZACCI president Michael Nyirenda said the MoU between the two countries play a vital role in economic development since it provides employment and is an important source of foreign for imports of capital and intermediate goods. Nyirenda said the initiative creates a platform which will help in dissemination of information on investment opportunities and create linkages.
Speaking at the same event, FEI head of delegations Dr Sherif EL-Gabaly said the strategic objective of federation has always focused on creating and enabling business environment for national and international investors.
He said FEI is also looking forward to initiate contacts with esteemed organizations in Zambia to discuss opportunities for cooperation and sharing knowledge and experience between the two countries, exploring the investment climate in Zambia, exploring possibilities for integration offset through agreements and possible cooperation based on win-win foundation.
Meanwhile, the Egyptian Ambassador to Zambia Ahmed Mostafa said the agreement between the two countries will be able to push forward economic relations on all levels and increase investment between Zambia and Egypt.
The Ambassador said both countries are ready to complement each other in terms of trade and investment adding that level of corporation is evident in growing business between the two countries.
“I am not happy to have learned that the trade volume between the two sister countries Zambia and Egypt who enjoy excellent political relations is only US$ 1.3 million in exports for Zambia, hence I took it as a priority to look into ways of how to correct the situation, he said.
Yaluma has however encouraged Zambian counterparts and local businesses to take this “opportunity” to positively explore and ensure that a lasting business partnership to benefit the two people is created.
