Minister of Commerce Seeks to Realise Zambia-Turkey Trade Potential
Minister of Commerce Chipoka Mulenga has called for Zambia and Turkey to work together to actualize the trade agreements signed between the two countries, and invigorate their trading relationship.
The government will propose certain amendments to the trade and economic cooperation agreements signed between Zambia and Turkey, to ensure they support the new UPND administration’s vision of attracting foreign direct investment (FDI) that promotes value addition to raw materials.
Speaking in Istanbul following the 3rd Turkey-Africa Economic and Business Forum, Mr. Mulenga acknowledged that both parties could be doing more to boost trade: “Right now, it is true our bilateral engagement through trade and investment is not very impressive. We are sitting at between US$19 to US$25 million in terms of trade volume when we are hoping to go beyond US$1 billion”
“I have come to understand that we have signed a lot of bilateral agreements, which have not be actualized by both countries. There are a few amendments that we need to bring to the table and see how we can make this a reality and the new dawn government is very committed to doing that.”
Mr. Mulenga stated President Hichilema’s new government ambition to transform Zambia into a value-addition and production hub through sustainable economic partnerships, and believes Turkey represent an ideal partner to instigate this transformation with.
“We have come to believe that Turkey has got the technology, ability, science and investment that we think we can partner with them and realise our vision as the New Dawn Government. We have come to understand that through value addition and industrialisation, we are going to create decent, pensionable and contractual jobs for our Zambian people,” Mr Mulenga said.
The Commerce Minister added that there was great interest shown by Turkish investors at the Business Forum, as did the Zambia Chamber of Commerce and Industry (ZACCI) president Dr. Chabuka Kawesha.
“We could see that they drew a lot of excitement and people are looking at Zambia as hub that can be utilised for feeding into other countries within the region. So, it is something that we can capitalise on.”