CHINESE INVESTMENTS CRITICAL TO ZAMBIA’S DEVELOPMENT

Government says Chinese investments play a critical role in Zambia’s development through investments in various sectors such as energy, agriculture, manufacturing and real estate among others.

Speaking in Lusaka last evening during the Chinese Chamber of Commerce in Zambia -CCCZ- gala dinner, Commerce Minister Chipoka Mulenga disclosed that in 2023 alone, Chinese businesses contributed over $1.5 billion to Zambia’s mining sector while in the construction sector, 69 percent of capital projects such as roads have been undertaken by Chinese firms.

In a speech read for him by Technology and Science Minister Felix Mutati, Mr. Mulenga said in the energy sector, Chinese businesses invested over $2.3 billion in various energy projects in Zambia between 2014-2023.

Mr. Mulenga also noted that in 2022, the Zambia and Chinese two-way trade recorded an upward growth of $6.73 billion and has noted the need to identify other opportunities that will enable Zambia surpass the current $2.26 billion net export.

At the same event, ABSA Bank Managing Director Mizinga Melu disclosed that to cement the relationship with its Chinese clients, ABSA will in May next year open a branch on Beijing, China, adding that in the last few years, the bank has financed facilities and support to Chinese firms worth over $100 million.

And Chinese Chamber of Commerce in Zambia President li tie said the chamber has in 2023 undertaken a number of networks in order to improve the investment environment while its members have participated in corporate social responsibility.