The Provincial Administration signs a business investment agreement with Qingndao Bureau of Commerce from China.

The Provincial Administration has signed a two year MoU, Memorandum of Understanding with Qingndao Bureau of Commerce from China to partner in various business ventures through China- Africa Cotton Company.
Eastern Province Permanent Secretary, Chanda Kasolo signed the document on behalf of the provincial administration while Qingndao Deputy Mayor, Wei Wang signed on behalf of Qingndao Bureau of Commerce.
And Mr. Kasolo observed that the Chinese are the biggest investors in Zambia, stating that it is good to partner with them to develop businesses in Eastern Province.
He explained that the business to be invested includes the agriculture out grower scheme, processing of agriculture products into finished products and teaching local farmers various agriculture technologies.
Mr. Kasolo says the Chinese will also assist boost the mining industry in the province and start producing cement using lime stones from one of the mines in Petauke district.
He added that the MoU will also see an improvement in the tourism sector, establishment of engineering and manufacturing sectors where products like television and radio sets, leather products and agriculture equipment will be locally produced.
The Permanent Secretary also says solar electricity generation is among the areas of business investment to be carried out under the MoU.
And Qingndao Deputy Mayor, Wei Wang, says his government enjoys the relationship that they share with the government of Zambia.
Mr. Wang thanked the Provincial Administration for choosing to work with China- Africa Cotton, adding that Eastern Province has a promising future for the manufacturing industry.
Meanwhile, EPCCI, Eastern Province Chamber of Commerce and Industry President, Thomas M’tonga welcomed the idea saying it will assist to boost inter- regional trade since the province shares borders with Malawi and Mozambique.