Indian investors will spend $1.5 billion on Zambian leather
A group of Indian investors will be importing $1.5 billion worth of leather from Zambia over the next five years, according to an Indian business delegation visiting Zambia.
Mr Rafeeque Ahmed, who is heading the delegation, as well as chairman of Farida Group, said that the investors would work in close association with the Common Market for Eastern and Southern Africa (COMESA) to build strong partnerships by way of business tie-ups.
While speaking at a workshop on demand dissemination organised at COMESA headquarters at Lusaka, he said that such partnerships would help the industry in production of good quality leather with the help of enhanced techniques.
He added that India is in need for extra leather to facilitate increased production of leather items and hence they need to closely work with COMESA.
Mr Albert Mulonga, Zambia’s Livestock and Fisheries Development Deputy Minister said that leather exports from Zambia had gradually grown to $10.8 million in 2009 from $3.4 million in 2003.
The Deputy Minister said that the budding leather industry in Zambia can be developed further if it is supported by value addition. Mr Mulonga further stated that his Ministry, together with the Ministry of Commerce, Trade and Industry and other stakeholders, has recently finalised an action plan for the leather sector which is seen to guarantee growth and improve competitiveness of the industry.
