Business

ZDA cements Italian trade ties

ZAMBIA Development Agency director general Mukula Makasa (right) and Technoserve country director Chileshe Chilangwa during the signing of the memorandum of understanding in Lusaka on Friday. PICTURE: ANGELA NTENTABUNGA

TRYNESS TEMBO, Lusaka
THE Zambia Development Agency (ZDA) and an Italy-based business and trade promotion agency have signed a memorandum of understanding (MoU) to enhance trade between the two countries. The MoU was signed with Confindustria Assafrica and Mediterraneo, a private sector association supporting Italian companies interested in doing business in Africa and Middle East countries. The MoU comes in the wake of the business forum that was held in March this year which provided a platform for the private sector from both countries to explore trade and investment opportunities that existed between them.
Zambia’s exports to Italy have been on the upswing, rising to US$10.9 million in 2019 from US$7.9 million in 2018 and US$2.4 million in 2017. Zambia’s imports during the same period were US$14.5 million in 2017, US$19.4 in 2018 and US$58.2 million in 2019. The trade balance is in favour of Italy at US12.1 in 2017 and US$47.3 in 2019. Zambia’s major exports to Italy are iron and steel and particles of stone and cement. ZDA director general Mukula Makasa said the March forum resulted in CLICK TO READ MORE



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