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US for more trade investment with Zambia
Published 03/25/2021 by Global Communities
By Kabanda Chulu
From Business News, Zambia Daily Mail, March 15 2021
The United States (US) government is committed to promoting increased trade and investment between that country and Zambia and will ensure that Zambian businesses have access to US markets, US Embassy Chargé d’ Affaires David Young has said.
Mr Young said activities will include expanding opportunities for US investors and businesses in Zambia.
In response to a press query, Mr Young said trade with the US, including through the African Growth and Opportunity Act (AGOA), has helped Zambian companies to create and sustain jobs that support economic growth and development.
In 2019, two-way trade totaled more than K3.6 billion (US$ 182 million). In fact, Zambian exports to the United States have grown by 0.74 percent over the past decade, totaling K1.6 billion (US$ 3 million in 2019), including around K20 million (US$ 1million) in agricultural exports.
“US foreign direct investment in Zambia was K940 million (US$ 47million) in 2018 [Latest available estimate],” he said.
Mr Young said US companies are active investors in the agricultural, hospitality, manufacturing, energy and services industries in Zambia.
“They hire and train locally, investing in Zambia’s homegrown talent and create new opportunities to build a sustainable, skilled local workforce,” he said.
Mr Young said that the American Chamber of Commerce in Zambia now has a membership of over 100 US and Zambian companies and is a leader within the business community, advocating shared interests in building a stronger business climate in Zambia.
He said under USAID’s new-five-year development assistance strategy with Zambia, the US government made agricultural strides in 2020.
“For example, our new partnership with Panner Seed, John Deere, and Global Communities (an international non-profit organization) will support the commercialization of emerging maize farmers in Zambia, leveraging over K783 million (US$ 37 million) of inputs and loans from the private sector towards the US government’s K63.4 million (US$3 million) investment,” he said.