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Chinese investment needed in Zambia’s wood and wood subsector

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Chinese investment needed in Zambia’s wood and wood subsector

Zambia’s Ambassador to China Winnie Chibesakunda has met with Cheng Qiuyan, Director General for Guangdong Provincial Foreign Affairs Office to discuss investment in Zambia’s priority sectors.

During a reception hosted by the Foreign Affairs Office, Ambassador Chibesakunda and the Director General agreed to work together to attract Chinese investment from the province in Zambia’s wood and wood subsector.

Mrs Chibesakunda said Zambia is well endowed with forest resources that play an important role in the development of the national economy and in improving the living standards of the people.

She stated that China imports raw materials for making furniture from Zambia and that most Africans travel to Guangdong Province to buy furniture hence the need to set up a factory in Zambia.

Ambassador Chibesakunda observed that Zambia is centrally located and has access to wider regional markets such as COMESA and SADC.

She informed Guangdong Foreign Affairs Office that the Zambian Government encourages investment in the wood and wood sub sector in order to improve the technologies, increase employment and improve the sub sector’s contribution to the Gross Domestic Product.Chinese investment needed in Zambia’s wood and wood subsector

Ambassador Chibesakunda acknowledged the efforts of the Zambian Consulate in attracting investment from Guangdong Province into Zambia and pledged to work together with the Province to deepen economic ties between the two sides.

Guangdong Province is a leading manufacturing hub in China accounting for almost 10% of China’s GDP.

Trade between Zambia and Guangdong Province has been growing steadily and stood at US$659 million in 2019 and at 209 million during the first half of 2020.

Trade goods include copper, wood, building materials, electronic products, agriculture machinery among others however Trade between the two sides has slowed down due to travel restriction in the wake of the Covid-19 pandemic.

During the same event, Guangdong Foreign Affairs Office also donated medical supplies to Zambia worth US$16,500 which include 50,000 surgical masks and 100 infrared thermometers to help Zambia in the fight against Covid–19.

The Director General of Guangdong Provincial Foreign Affairs Office assured Zambia’s Ambassador of continued support to Zambia in the fight against Covid–19.

In receiving the donation on behalf of Zambia, Ambassador Chibesakunda thanked Guangdong Provincial Foreign Affairs Office for the donation of medical supplies to Zambia.

Guangdong Province has been offering support to Zambia in the fight against Covid–19. The Province through its companies has so far made various donations of medical supplies including surgical masks, temperature thermometers and isolation gowns.

This is according to a statement issued by Angel Lwatula, the Second Secretary for Trade at the Zambian Consulate General in Guangzhou.