Investment-Zambia - The Zambia Development Agency (ZDA) has said investment in the African Growth and Opportunity Act (AGOA) eligible sectors should be enhanced in order for a significant impact to be recorded in terms of exports. ZDA director, export promotion and market development division Glyne Michelo said trade should be enhanced in key eligible sectors to accelerate poverty reduction and improve the standards of living of the people. "Enhanced trade will provide what donor aid can't and trade will provide sustainable economic development. Therefore, the significance of AGOA preferences cannot be over-emphasised," he said. Speaking in Lusaka during the meeting for trade attaches from AGOA eligible African countries, Mr Michelo said for sustainable trade to take root, there should be sufficient investment in a particular eligible sector.

"We therefore urge increased foreign direct investment from the United States private sector in Sub Saharan Africa, in order to stimulate increased AGOA exports which guarantee a win-win situation for all," Mr Michelo said.

He said United States (US) firms should take advantage of the Africa Trade Insurance Agency (ATI) established by the Common Market for Eastern and Southern Africa (COMESA) which insures investors against both commercial and political risks.

Mr Michelo said ZDA had embarked on a countrywide AGOA supply side survey to identify priority products that can readily be exported to the US from Zambia.

"We strongly request the Government of the United States to continue engaging technical assistance to help sub Saharan countries take advantage of AGOA preference. As a country we are working on these identified challenges in the hope of ensuring that the preference is fully utilised," he said.

Mr Michelo said AGOA forum would provide eligible countries an opportunity to identify elements that need to be addressed by the US government to enhance the impact of the initiative on the Sub Sahara's trade.

The forum is also an opportunity for marketing the continent's huge tourism and investment potential in other sectors.

Times of Zambia/12/04/2011