BCCI: Zambia Offers Big Opportunities for Bulgarian Business

Business | August 18, 2011, Thursday // 19:25|  views

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Bulgaria must seek new markets for its products, and the countries in Southern Africa such as Zambia offer big opportunities, according to officials from the Bulgarian Chamber of Commerce and Industry (BCCI).

The business opportunities in Zambia have been surveyed by Raycho Iliev, BCCI representative for Southern Africa, who has informed about them BCCI Chair Tsvetan Simeonov in a letter, the Chamber's press service announced.

Iliev has informed that Zambia has been included in EU's trade initiative "Everything but Arms", which provides for duty-free imports of goods from underdeveloped countries.

At the same time, Zambia's government and the Zambian Development Agency are eager to encourage trade and foreign direct investment.

"Zambia is carrying out a program for trade reform within a wider liberalization package that includes a considerable reduction of import duties and other fees, removal of limits on export fees, and export encouragement initiatives. Based on these reforms and the IMF trade limitations index, Zambia has one of the most liberal trade regimes in Africa," Iliev has reported to the BCCI chief.

He further points out that Zambia's population is 12 million people, and that the country has a functioning multi-party democracy, and a stable rule of law. He stresses that Zambia's economy is developing based on its copper industry but the government is taking measures to diversify the economic activities by encouraging agriculture, tourism, hydro-power, and the extraction of precious stones.

The head of the Zambia Association of Chambers of Commerce and Industry (ZACCI) Mrs. Priska Chikvashi has invited Bulgaria to take part in the international trade fair in Lusaka in 2012.

Iliev further reported that the Zambian state is subsidizing small farmers with a total of 180 000 metric tons of fertilizer per year, and is interested in procuring agricultural equipment, irrigation systems, and the respective training.

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Tags: Raycho Iliev, Tsvetan Simeonov, BCCI, Bulgarian Chamber of Commerce and Industry, Zambia, Southern Africa, Africa, Everything but Arms, EU, trade, FDI


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