Africa-Press – Zambia. Minister of Commerce, Trade and Industry, Chipoka Mulenga says Zambia has the potential to increase its exports to Israel to at least 1 billion United States dollars.
Speaking in Lusaka yesterday when he officially opened the first ever Israel-Zambia economic conference, Mr. Mulenga observed that Zambia currently imports 163 million United States dollars from Israel and exports to that country 3 million dollars’ worth of trade and investment.
He however, said this represents a trade imbalance between the two countries. Mr. Mulenga stated that the two countries have potential to resolve the trade imbalance.
“I have seen the trade imbalance that has continued to be between our two countries. Indeed, we have continued to do business together, over 163 million dollars’ worth of imports from Israel and 3 million worth of exports. I feel the two countries can increase this to over a billion or more. A time has come that we did this together,” he said.
Mr. Mulenga encouraged Israeli investors to take full advantage of the enabling business environment in Zambia. He said government is keen to learn from Israel regarding technology and innovation.
“Zambia has got a youthful population which is so eager to be productive. The spirit of creativity and innovation that Israel has demonstrated to the world where they export innovation, where they export technology is what we want to tap in,” he said.
Meanwhile, the minister said he will engage his Foreign Affairs and International Cooperation counterpart, Stanley Kakubo on the possibility of having an Israeli embassy located in Zambia.
Speaking at the same event, Israeli Ambassador to Zambia, Ofra Farhi, said Zambia’s private sector-driven economic agenda will attract Israeli investment.
Ms Farhi said this is because both countries have placed the private sector at the centre of economic growth. The diplomat said Zambia can be an example to other African countries regarding trade and investment relations with Israel. Ms Farhi said Israeli innovation can contribute significantly to Zambia’s quest of rebuilding its economy.
“We would like to look at Zambia as a case study, maybe for other African countries, on how to build connections with Israel, increase trade & investments, and have an open bilateral economic communication channel between the two countries. I know that Israeli innovation and know-how have gained a big success and they can be an essential part of the rebuilding of Zambia’s economy,” she said. This is the first ever business conference between the two countries and was held under the theme: ‘Israel in Zambia: spirit of creativity.’
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