Lusaka - (dpa) - Zambia's Trade Minister Chebuka Mulenga announced that his country has potential to increase its exports to Israel to reach at least one billion US dollars.

The Lusaka Times of Zambia quoted Mulenga as saying at the opening of the first economic conference between Zambia and Israel: “Zambia is currently importing $163 million from Israel, while its exports to it do not exceed $3 million.

Nevertheless, Mulenga said at the opening of the conference entitled: "Israel in Zambia... the spirit of innovation" that this situation constitutes a trade imbalance between the two countries, indicating that the two countries have the ability to remedy this trade imbalance.

For her part, Ofra Farhi, Israel's ambassador to Zambia, told the conference that Zambia's private sector-led economic agenda would attract Israeli investments.

She added that this is due to the interest of the two countries in the private sector and considering it a hub for economic growth.

She noted that Zambia can set an example for other African countries with regard to trade and investment relations with Israel.
She said that Israel's innovation capacity can make a significant contribution to Zambia's quest to rebuild its economy.

"We would like to look at Zambia as a case study, perhaps for other African countries, on how to build ties with Israel, increase the volume of trade and investment, and establish an open bilateral economic channel of communication between the two countries," she said.

This is the first trade conference held by the two countries.