What is the value of India-Zambia trade?

According to the MEA brief of August 2026, total trade was US$ 466.25 million in 2025-26, with Indian exports of US$ 229.86 million and imports of US$ 236.38 million.

What is the Indo-Zambia Bank?

It was established in 1984 as a joint venture between the Government of Zambia and Bank of India, Bank of Baroda and Central Bank of India. The three Indian banks hold 60% of the equity and the Zambian government 40%.

Trade and investment between India and Zambia

Q: What does India import from Zambia?

The brief lists non-ferrous metals, ores (copper and cobalt), semi-precious stones and raw cotton among India's imports from Zambia.

This article sets out the bilateral trade figures, the goods traded, tariff preferences, Indian investment in Zambia, the Indo-Zambia Bank and the business mechanisms between India and Zambia, as recorded in the MEA bilateral brief of August 2026. The figures are those given in the brief and describe the position at the time it was prepared.

Trade figures

According to the MEA brief of August 2026, bilateral trade in the last four years was as follows, in US$ million:

2022-23: exports by India 280.68, imports by India 184.93, total trade 465.61
2023-24: exports by India 244.31, imports by India 204.08, total trade 448.39
2024-25: exports by India 212.56, imports by India 167.00, total trade 379.56
2025-26: exports by India 229.86, imports by India 236.38, total trade 466.25

The brief states that bilateral trade has immense potential of further increase in various areas, particularly agriculture, mining, pharmaceuticals and petroleum products.

Goods traded

India's export items include drugs and pharmaceuticals, machinery and instruments, transportation equipment, cotton yarn and fabrics, plastic, rubber, chemicals and electronic goods. India's imports from Zambia include non-ferrous metals, ores (copper and cobalt), semi-precious stones and raw cotton.

Duty-free access

Zambia signed the Letter of Intent to use India's Duty Free Tariff Preference Scheme (DFTP) in May 2010. In April 2012 Zambia was notified as one of the beneficiaries of the scheme.

Indian investment

The brief states that Zambia, with its natural resources, has become an important destination for Indian investments, particularly in the mining sector. India's pledged investment is valued at over US$ 5 billion, which the brief says makes India one of the leading investors in Zambia.

Prominent Indian investments in Zambia named in the brief include the Indo-Zambia Bank, M/s Vedanta Resources Ltd, M/s Maamba Energy, M/s Bharti Airtel, M/s TATA, M/s R. J. Corporation, M/s Mount Meru, M/s Yash Pharmaceuticals and the Neelkantha Group of Companies.

Indo-Zambia Bank

The Indo-Zambia Bank was established in 1984 as a joint venture between the Government of Zambia and three Indian public sector banks: Bank of India, Bank of Baroda and Central Bank of India. The three Indian PSUs hold 60% of the equity, and the Zambian government holds the remaining 40%. The brief calls the bank a milestone in India's relations with Zambia and an example of a mutually beneficial joint venture partnership.

New pharmaceutical investment

Akums Drugs and Pharmaceuticals Limited and the Government of Zambia signed a Framework Agreement on 22nd August 2025 to establish a state-of-the-art pharmaceutical manufacturing facility in the Lusaka South Multi Facility Economic Zone.

Trade mechanisms

The 3rd session of the India-Zambia Joint Trade Committee (JTC) was held virtually on 16 June 2025.

Business conclaves

Zambia has taken part in CII-EXIM Bank conclaves in India. Vice President Dr. Guy Scott led a high-power official and business delegation to the 9th CII-EXIM Bank Conclave in New Delhi in March 2013, at which Zambia was a Focus Country. His delegation included the Ministers of Commerce, Trade & Industry and of Gender and Child Development, and the Deputy Minister of Mining.

Vice President Ms. W.K. Mutale Nalumango led a delegation to the 17th CII-EXIM Bank Conclave on India Africa Growth Partnership, held in New Delhi on 19-20 July, 2022. The delegation included Elias Mubanga, Minister of Small and Medium Enterprises Development.

Road financing

The Lusaka City Road De-congestion Project, valued at US $289.5 million, was implemented by M/s Afcons, a subsidiary of the Shapoorji Pallonji Group. It was financed by EXIM Bank of India under a Buyer's Credit of US$ 245.74 million, with the remaining part funded by the government of Zambia. The project was formally launched on 12 April 2018 at a ground-breaking ceremony attended by Zambia's President Edgar Chagwa Lungu and the President of India Ram Nath Kovind.

India's lines of credit to Zambia are described in the development partnership article of this guide.