A delegation of 30 Egyptian business persons is in Zambia to explore investment potential in various sectors of the economy worth more than USD 5 billion as part of the country’s economic growth program. The delegation is in Zambia to explore opportunities in the textile fertilizer manufacturing, construction, among other sectors.
According to the head of delegation Mr Hani Cassis the delegation has an initial investment plan of USD 5 billion comprises representatives of chairpersons, managers and top executives of 30 companies and corporations.
They are interested in Kabwe Tannery, Kafue Textiles of Zambia and Nitrogen Chemicals of Zambia. The 30 companies coming to Zambia under the umbrella of Chemical Fertiliser Export Council of Egypt will explore areas of investments in the booming Zambian economy.
CFEC operates under the Egyptian Ministry of Trade and Industry to promote private sector based activities in the fertilizer and chemical sectors. The 30 companies will look for business opportunities and joint partnerships aimed at increasing trade between Zambia and Egypt.
Mr Cassis said that “We will be in the country up to April 14 and during this period we will work closely with the Ministry of Commerce, Trade and Industry and the Zambia Association of Chambers of Commerce and Industry to ensure that we explore the investment opportunities. We will hold a business forum on April 12 to discuss the various investment opportunities in Zambia.”
Mr Salah el Sadek Egyptian ambassador to Zambia said that the visit by the business delegation is as a result of the State visit that President Mr Banda made to Egypt last year. Egypt will fulfill its commitment of investing in Zambia despite the change of guard in that country. Egypt will invest in the Zambian fertilizer and chemical sectors and support existing producers to boost their competitiveness.
Mr El Sadek said that Zambia’s gross domestic product of more than 6% coupled with improved investment climate would boost the growth of industries and exports of Egyptian products into the Zambian market.
Meanwhile, Mr Ashraf AbouAlam GM of Bank of Cairo said that the bank is exploring possibilities of investing in the Zambian banking sector. The bank has decided to invest in Zambia because of the favorable economic policies that are being implemented in the country.
Mr Geoffrey Sakulanda president of ZACCI who received the delegation on behalf of the Zambian government said that the visit would help the two countries discuss ways of developing bilateral economic relations.
(Filed by Mr Kapembwa Sinkamba SteelGuru Correspondent Zambia)
