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POST TIME: 6 July, 2018 00:00 00 AM
Zambia seeks investment in energy, tourism, agri sectors

Zambia seeks investment in energy, tourism, agri sectors

High Commissioner of Zambia to Bangladesh Judith KK Kan’goma Kapijimpanga speaks at a round table meeting titled ‘Trade, business and investment opportunities for Bangladeshi in Zambia’ organised by Trade Services International at a hotel in the capital yesterday. Independent Photo

Zambia wants Bangladesh to invest in their energy, tourism and agricultural sectors as they have cheap labor, vast raw materials, and abundant land available for significant investments, said the High Commissioner of Zambia to Bangladesh Judith K.K Kan’goma Kapijimpanga.     She said this at a round table meeting titled ‘Trade, business and investment opportunities for Bangladeshi in Zambia’ organised by Trade Services International at a hotel in the capital yesterday.
The Zambian high commissioner said the manufacturing possesses offer the biggest opportunity for growth in Zambia. The sector contributes slightly more than 8 per cent to GDP, which is relatively small compared to other African countries. But the government’s introduction of Multi-Facility Economic Zones (MFEZs) complement other critical elements available to this sector – cheap labor, vast raw materials, and abundant land.
The government also introduced significant investment incentives – zero per cent corporate tax for the first five years from the first year of profit, as well as zero import duties on raw materials, capital goods and machinery for the first five years of operating in the zone – which compare well to other countries in the Southern African Development Community (SADC) and Common Market for Eastern and Southern Africa (COMESA).
The agriculture sector provides the greatest opportunity for impact and development, she said. The sector generates around 21 per cent of GDP and employs an estimated 67 per cent of the national workforce of which most are smallholder farmers, she added.
Executive Chairman of Bangladesh Investment Development Authority (BIDA) Kazi Aminul Islam and other distinguished guests were present at the roundtable.