(Xinhua)
Updated: 2008-02-26 06:50

Visiting Chinese trade delegation in Lusaka, capital of Zambia, on Monday signed with local enterprises a basket of contracts, buying goods worth $200 million.

Entrepreneurs from both China and Zambia also hammered out cooperation intentions of US$300 million to further explore business potentials in the Southern African country.

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Speaking at the signing ceremony, Sebastian Kopulande, Chairman of Zambia-China Business Association, hailed Chinese investment in Africa, saying that it is a clear testimony that the Asian giant is fulfilling promises it made at the at the Beijing Summit of Forum on China-Africa Cooperation held in November 2006.

"This event serves as testimony of the resolve by China to cooperate with Africa, and Zambia in particular, in our common quest to advance the welfare of the peoples of the two countries through economic partnership," Kopulande said.

"It is also a recognition by our two governments that meaningful bilateral economic relations can only be sustained through direct business-to-business interaction," he said.

Also speaking at the signing ceremony, Zambian Commerce Minister Felix Mutati urged local business community to deepen partnership with their Chinese counterparts.

He hoped that by partnering with China, Zambian will be able to fill the wealth gap and grow into a developed force.

Mutati also said Zambia is eager to export value-added products rather than raw materials and China is the one that is to help Zambia accomplish that goal.

The minister, who will lead a trade delegation to China, said through close cooperation with Chinese enterprises, Zambian companies are able to reap more contracts.

"I am sure, by doing that, when you come back from China, you will come back, smiling," Mutati said.

A Chinese trade delegation, headed by deputy Chinese Commerce Minister Gao Hucheng, jetted in Zambia on February 24 in a bid to expand the cooperation in economic and social sectors between the two countries.