China reaffirms support to Zambia

17:21, February 26, 2010      

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Beijing yesterday reaffirmed its commitments to support Zambia's economic development agenda, pledging to continue to invest in the country's mining, infrastructure construction and agricultural sectors.

An intergovernmental deal on geology and mining was inked in the Great Hall of the People after talks between President Hu Jintao and visiting Zambian President Rupiah Banda.

The two leaders also witnessed the signing of economic and technological agreements and the construction memorandum of a sub-zone of the Zambia-China Economic and Trade Cooperation Zone in the Zambian capital of Lusaka.

Hu told his guest that China would "gradually develop new cooperative projects and continue to support capable Chinese enterprises to invest in Zambia."

In recent years, Zambia has attracted more and more investments from China into various sectors ranging from agriculture, mining and communications to medical and health care.

Official figures showed that over 200 Chinese companies have opened businesses in Zambia with total direct investment reaching $776 million so far.

Banda said the two sides have been experiencing a cordial, warm and brotherly friendship and said Zambia appreciated China's long-term assistance and the important role it played in fighting the international financial crisis.

At a time when other investors were hastily packing their bags, leaving local workers stranded, he said, the China Non-Ferrous Metal Mining Cooperation offered to run the suspended Luanshya Copper Mine in Zambia and reopened it, creating employment and helping secure the livelihood of people in the mining area.

The BBC quoted Phesto Musonda, a local mining entrepreneur as saying "copper is a long-term cycle. You don't just invest today like you bake bread in the morning and sell in the evening."

"Who doesn't need China as a long term investment partner?" he added. The whole world is focusing on China, including America."

Source: China Daily
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