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Indian investors to buy US$1.5 bn Zambian leather
04
Jul '11
In view of the presently rising demand for leather goods in the country, a set of Indian investors will be importing US$ 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, said that due to rising demand for leather in India, they look forward to import the same from Zambia where it was easily available.

Mr. Ahmed, who is also 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 organized at COMESA headquarters at Lusaka, he said that such partnerships would help the industry in production of superior 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 US$ 10.8 million in 2009 from US$ 3.4 million in 2003.

Stressing on the need to intensify the investment in value addition technologies, 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 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.

Fibre2fashion News Desk - India


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