China sets up special economic zone in Zambia

Mumbai: China has set up the first special economic zone in Zambia, as part of its efforts to fulfill its promise to boost its full-fledged economic cooperation with African nations. The Zambia-China Economic and Trade Cooperation Zone in the Zambian capital Lusaka was inaugurated jointly by Chinese president Hu Jintao and his Zambian counterpart Levy Patrick Mwanawasa. The economic and trade cooperation zone in Zambia would help China tap local mineral resources and boost trade ties with the African continent.

Hu said his government encourages and supports competent Chinese enterprises to invest in the zone and make contribution to Zambia''s economic development and social progress.

"The aim of my African tour is to consolidate the traditional friendship between China and Africa, implement the results achieved at the Beijing summit of FOCAC, expand pragmatic cooperation and seek common development," news agencies quoted him as saying.

On his part, Zambian president Mwanawasa pledged to further improve the investment environment and hoped that more Chinese and foreign enterprises will settle in the zone. This, he hoped would bring along know-how and expertise necessary for the development of the special economic zone and Zambian economy in general. At the Beijing Summit of the Forum of China-Africa Cooperation (FOCAC) last November, China had promised certain specific measures to strengthen its economic co-operation with the African countries. These included the establishment of three to five trade and economic cooperation zones in Africa in the next three years.