China pledges increased investment under PF

China pledges increased investment under PF
By Ndinawe Simpelwe
Sat 01 Oct. 2011, 09:10 CAT

MALPRACTICES by a small number of businesses should not be used to deny that Chinese investors have contributed positively to Zambia's development, says Chinese ambassador to Zambia, Zhou Yuxiao. And Ambassador Zhou has since pledged increased Chinese investment in the country under the PF government.

Speaking at a reception to mark the 62 anniversary of the People's Republic of China, Ambassador Zhou said China would increase its investment because the PF government and his country shared the same philosophy.

He said despite a few malpractices by a few investors from China, Chinese investment had a positive contribution towards Zambia's economic development.

"The malpractices by a small number of businesses should not be used to deny the fact that Chinese investors are a positive and contributive factor in Zambia's development. At the same time Chinese entrepreneurs do need to learn to improve themselves on their way forward," Ambassador Zhou said.

"Help each other when in the same boat; this is an age-old famous Chinese proverb. Interestingly enough, I found that PF's symbol is a boat which two men row together. It seems to me that we share the same philosophy with PF. With this shared philosophy, I firmly believe that China and Zambia will be able to row together towards a better future for both sides," he said.

Ambassador Zhou said the Chinese government was ready to work with the PF government to strengthen the friendly relations to create a win-win cooperation.

He said his pledges were not formality or protocol but that the Chinese government was sincere because a stable and prosperous Zambia was not only beneficial to Zambia but to China as well.

"No country on this planet can go single-handedly. China stands for common and cooperative development as we are fully aware that any relation that benefits one side only is neither fair nor sustainable," he said.

He said China's cooperation with Zambia was always beneficial adding that Zambia's five per cent of last year's copper production was produced from Chinese investment.

He further said Zambia's copper export to China benefited China's industrial development adding that Zambia enjoyed a huge trade surplus of US$2.2 billion with China.

And speaking at the same function deputy minister of Justice Dr Ngosa Simbyakula said the PF government recognised the importance Foreign Direct Investment (FDI) from China played in the development of Zambia.

Dr Simbyakula said the government would support Chinese investment if it created a win-win situation adding that the government was looking forward to more Chinese investment.

"It is our policy to support all investment that comes to Zambia, therefore Chinese investment is welcome in Zambia and I want to reiterate what the ambassador said that