The Minister of Commerce, Trade and Industry Christopher Yaluma has called on Italian investors to consider investing in various sectors in Zambia.
And Zambia Development Agency Board Chairperson Bishop Masupa has observed that trade and investment between Zambia and Italy remain critical in improving the economies of the two countries.
Speaking when he officiated at the Zambia – Italy Business Forum held at the Zambia Italian Cultural Centre in Lusaka recently, Mr. Yaluma observed that the trade flows between the two countries depicted a positive trade balance in favour of Italy.
He said as of 2019, Zambia’s imports and exports to and from Italy stood at US$ 58.2 million and US$ 10.9 million respectively.
“There is a big trade imbalance between the two countries as it seems to be positively skewed towards Italy. I am therefore calling on Italian business persons and corporates to consider investing in Zambia in order to produce more value-added goods and services for exports to Italy and other countries,” Mr. Yaluma said.
He said Government of the Republic of Zambia had continued to implement favorable investment climate and economic policies aimed at attracting foreign direct investment and stimulating local entrepreneurship.
Mr. Yaluma said Zambia was among the best destinations for investment and that the country was open and willing to receive investors.
“We have investment opportunities in mining, agriculture, energy, tourism, infrastructure, information and communication technology and value-addition in manufacturing,” said Mr. Yaluma.
And speaking at the same event, ZDA Board Chairperson Bishop Masupa said Zambia and Italy had continued to make efforts to boost bilateral trade.
Bishop Masupa cited MacFrut Vegetable and Fruit Expo in Bologna, Italy as one of the platforms which had been used to boost trade between the two countries.
“Through this expo, a number of Zambian MSMES, particularly women have gone flat out to invest in avocado and cashew nut plantations with the view to export the products to Italy in the near future,” he said.
“A platform such as this Business Forum provides a good opportunity for investors, exporters and importers from both countries to maximize the opportunities in trade and investment so as to improve the business environment in both countries,” he added.
Bishop Masupa urged ZDA and the Italian Trade Agency to continue with the collaborative efforts of bringing together business communities of both countries in order to exploit opportunities for trade and investment.
Meanwhile, Italian Ambassador to Zambia Antonino Maggiore said the focus of the Business Forum was the agro-industry, energy and water management which, he said were all crucial sectors for Zambia’s economic growth.
Mr. Maggiore observed that the Embassy of Italy had for a long time been promoting initiatives in energy and water management adding that with regard to agriculture and agro-industry a Zambian delegation travelled to Italy to participate in the 2018 and 2019 Macfrut Horticultural Fair, whereas in 2020, due to the Covid 19 pandemic, a webinar was organized in November.
“Hopefully this year, the participation can be once again in person and to this end ICE will sponsor a mission of Zambian entrepreneurs to the Macfrut fair in Rimini in September,” he said.
Mr. Maggiore disclosed that the Embassy of Italy was facilitating a high level mission of Italian Investors to assess opportunities in the field of mining, logistics and infrastructure and related services in Zambia.
The Zambia Development Agency in collaboration with the Italian Trade Agency and the Embassy of Italy in Zambia hosted the Zambia – Italy Business Forum to explore trade and investment opportunities in Zambia and Italy.
