China, Zambia to strengthen economic ties

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Last updated at: (Beijing Time) Friday, November 07, 2003

China, Zambia to strengthen economic ties

Participants in the China-Zambia Business Seminar held Friday expressed a common desire to strengthen trade ties to promote economic development.

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Participants in the China-Zambia Business Seminar held Friday expressed a common desire to strengthen trade ties to promote economic development.

Yu Ping, vice-president of the China Council for the Promotion of International Trade (CCPIT), said the two countries' economic and trade relations have kept developing. The two countries' economies are highly mutually complementary as Zambia has rich natural resources while China's textile products, light industrial products and electric home appliances are popular in Zambia.

The CCPIT will continue to make efforts to improve bilateral economic cooperation, Yu said at the seminar attended by more than100 government officials and business people from the two countries.

Visiting Zambian President Levy Mwanawasa said that Zambia has good relations of cooperation with China but there is still much room for strengthening cooperation in the areas of investment and trade.

"Zambia has a lot of admiration for China in that China is one of the fastest growing economies in the world. I do believe that Zambia stands to gain greatly if Chinese businessmen invested in our country in various sectors of our economy," said the president.

At the seminar, Sinohydro Corporation of China and a number of Zambian government ministries signed a letter of intent, accordingto which the Sinohydro Corporation would invest 600 million US dollars for construction of water and electricity projects in Zambia.

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