QUINDAO City of China’s bilateral investment in various Zambian economic sectors stood at US$57.2 million by October 2015, says the city’s deputy director of commerce bureau Chunyu Xianli.
Quindao is China’s largest international business city with many business companies which have invested all over the world.
During a presentation at the Zambia-Qingdao commercial dialogue agenda, Mr Chunyu said different companies based in Quindao City had invested $52.5 million in Zambia involving five projects by October 2015.
He explained that companies in different economic sectors had invested in five projects in Zambia amounting to US$57.2 million, three projects in Zimbabwe worth US$38 million and two in Algeria amounting to US$37, 000.
“In 2015, Quindao trade volume with Africa was US$95. 237 million; we have three projects in Zimbabwe with a total amount US$38 million, five projects in Zambia worth US$57.2 million and two projects in Algeria worth US$37, 000.
“There will be enormous opportunities for cooperation between Quindao and Zimbabwe, Zambia and Algeria in fields such as agriculture, food, energy, resources, construction work, processing and manufacturing,” he said.
Meanwhile, Mr Chunyu said Quindao’s bilateral investment with Africa stood at US$629 million by October 2015.
Mr Chunyu said the city’s trade with Africa had been enhanced from January 2015 to October 2015 with total value of imports between Quindao and Africa reaching US$2.37 billion in which Quindao City’s exports to Africa amounted to US$1.52 billion and it imported US$85 million.