Government has signed a US$3.6 billion investment Promotion and Protection Agreement (IPPA) with a Chinese private mining company.
Commerce Trade and Industry Minister Felix Mutati signed on behalf of the Zambian government while Yaohui Wang Chairman of Zhongui mining group signed for his company.
And speaking during the signing ceremony, Mr. Mutati said government will remain committed to attracting more Foreign Direct Investment (FDI) into the country.
Mr. Mutati explained that this is why government is aiming at increasing investment by focusing on the south to south investment which includes India, China and the Middle- East, among other countries.
He said Zambia should attract more Chinese investment as it has become the biggest investment globally especially in countries such as the United Kingdom and the United States America.
The Minster added that US$3.6bn investment in different projects by Zhougui mining group will go a long way towards job creation and national development.
He commended the company for showing confidence to invest in Zambia when many companies in the world were curtailing investments and others have been lying off workers.
Mr. Mutati further noted that government has since embarked on some reforms to minimize hardships faced by investors when coming up with business licenses which will also reduce the cost of doing business in the country.
Earlier, Zhougui mining group chairman Yaohui Wang thanked government for approving the IPPA with his company.
Mr. Wang said the agreement will build more confidence for the company to continue to invest in Zambia.
He disclosed that the company which would be mining copper and other minerals would setup its firms in North Western and Copperbelt provinces respectively.
And Zambia Development Agency Chairperson Luka Mbewe pointed out that US$3.6 billion is one of the biggest investments into the country.
ZANIS
Zambia… aka… Made In China..
Iyo ba china ebaliko manje
I only hope the government is not selling our country. Let them disclose the contents of the contract as well to see the direct benefits. It could be a good development for the country however, the problem is Asians are not good at renumerations because they always try to make comparisons with there home countries.
You wake one and find out that Zambia has been sold to china. SCARING!!!!
Why do I have an eerie feeling about this.Nangu ni investment teifi bane.Yesterday it was China,Today it is China,Tomorrow it will be China.To me this sounds like a chapter from a book titled:How to sell Zambia pamutengo waku church 101.
Zedchick101 # 4 naine nintinaa mwandi! Pano ndetutuma. Our country may be sold out. China is out there to impoverish us africans. A european will come into your country, put up infrastructure and teach you how to perform duties, make his money and go leaving you with skill for continuity. Not a chinese, his interest is enslave you in your own country, making money out of you and leave you the way he found you. Bushe what is wrong with our heads kanshiii?
Here we go the NEO-COLONIALISM way!!!!!!!!!!!!!!!!!!!! Lets be careful. Zambia needs foreign investments in manufacturing and export of finished products.
Chinese Investment worth US$3.5Billion does that form part of mining projects in Mwinilun’ga in NorthWestern Province where Chiefs and GRZ officials travelled to China. I hope these Chinese will not pay slaverly wages as this has been trade mark of their investment. We are yet to see. I hope Hon Felix Mutati and his technocrats are signing these agreements to the full advantage of mother Zambia and not lining their pockets.
We should just change our name to Zamchin! I forsee a situation where the “ever green” alpha bar in lusaka will be full of chinese coloured maule. Not that its a problem.
Its like our Ministers just sign without even understanding what is contained in the contract, what is $3.5bn for?
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this is a big investement politicians are planning to steal this money
jiayou zhongguo jiayou wo men gan xie zhongguo de bangzhu wo zhu ni men gongsi fa zhan
#12,I don’t understand what you’ve written but it seems like ur not happy.LOL
#5 kadoil katapa,ala kuti wapapa.ala aba Chinese aba,kuba careful nabo.
#13 DON’T WORRY THAT IS CHINESE LANGUAGE
Investors from other countries are never showing up because they are not willing to take a risk with their money.
The Chinese are always available as investors in Africa. Let them invest.
Most important is not to be desperate. Be like China. The Chinese never become desperate for investment. They are always in control. They have long plans and they know what they are doing. They know that you want them. Similarly Zambia should know that China wants and needs our minerals. So we must have long term plans, never panic, dont be desperate. Show that you are in control. It is your minerals and whoever wants to mine them should do so on your terms. In this way, we shall have our terms, which are or should be to uplift living standards of Zambians. We need people who are good at international trade negotiations, not just politicians who may not know the etiquette of doing business with international firms and sovereign states out there. Mutati may not be the best qualified.
By the time the Chinese are through with us, all that will be left of Zambia will be smoke and ashes.
Wo men zai zhong guo nu li nuli , yi hou, yao hui gou, kan kan ta men de jin bu,(progress) kong zhi (control) ta men nar you cuo wu. Xi wang Zambia de tiao jian he gong zuo qing kuang dui te men you chu. Jia you Zhong guo! Jia you!
Iwe nambala 20 Chonchili efinsnhi efyo nomba? Na mukolwa? Nangu mupepele amabula ya nkonde?
The contracts shud also include things like building low cost houses for their employees, safety also shud be seriously looked into, besides that the government must encourage them to assemble their equipment in our country as a way of teaching our workmen. Otherwise good move ba GRZ>
For some time now signs were showing clearly that slowly but surely Zambia was becoming a Chinese colony/ province. I think #20 CHONCHILLI is just corfiming this.
# 21 < I think you too smart to comment on that and I believe there are no language restrictions here, most of the bloggers speak more than one language just as you can speak a little german teifyo fiine?
Ever since MMD came into power in 1991, there has been reports of massive investiment in our country from abroad. With this, povert levels have continued to rise at the same rate. All I see is even the little infrastructure that KK left is crambling. The talked about investment has never come to fruition! I think its either I am dead and I can’t see or someone has been playing “abracada bra” on me!
# 2011, my main point is they shud not just reap out and leave, at least teach our poeple how to operate complicated machinery and leave some structures standing, we’er talking of a big investment, If you can’t accept the fact that these chinese are better than us in many aspects then something is wrong.
# 23, Nishani iwe, ni bbanga abusungu uko wabba bbale twala ama business ku zambia eeh?? Wila shooter fye. Kuno taya grazer sana recession. so bali nomuchanga ama chainese kuba taxafye chabbe.
I am not an economist. The little economics I know is that the project areas for the mines have to be identified, feasibility studies carried out and if they are viable that is when you look for money unless the feasibility studies have already been carried out. In that case it would be nice to know the actual areas instead of a broad description i.e. Copperbelt and North Western Provinces.
There is nothing wrong with china investing in zambia the ploblems is us Zambians(mainly the govement ) who do not ensure that the agreements entered into have mutual benefits and that the investor has to abide by the conditions. If the investor is found to be doing something negative to it’s worker or envoroment penalties must be applied.
#29 true, transparency and good labour laws are key investment expansion.
Now these are the issues that we spend more time on then impeachments motions that are going no where. Lets move the country foward . So let us all encourage forighn investment but demand details from our Goverment and not secret deals like this one. Our MPs should be calling for Ministerial clarification on such issues and asking that the details of all such deals are well exposed. If we dont truly we will wake up to find that while we were fighting unending useless un productive politiical battles . the country was being systematically carved up as it is apearimg was happening under LPM
The people of Zambia have lost confidence in the current government,how does RB chase former Minister of Finance the best Zambia has ever had and you put someone who just studied accounts in the 1960 and you xpect him to perform?When RB took over the country it was at its highest level of development it has ever attained but unfortunately RB has spoilt it and all they talk about are Minister’s salary increaments,enriching themselves and forgetting about the poor Zambians that put them in those positions……………..shame
Blogger 32, I disagree that Magande was the best minister ever and I can give you surporting information . As for the present ask any economist and they will tell you that he is an Economist of salt. What level of development are youtalking off? if its economic growth it was mainly copper price driven and not as result of his brilliance. please student get your facts right!!!!
great stuff!! we should invite more chinese companies (especially taiwanese) to buy/take/invest more in zambia. taiwan is slightly bigger than lesotho, has 24 million people and does some of the world’s best technology, construction and farming.
better start having some half-muntu. half-chinese children to ensure our future/survival. no need to continue suffering when there’s this alternative to development.
who’s goin to show us the money? the u.s is dis-investing worldwide, the u.k is broke, and europe has it’s own set of problems. time to learn to speak some chinese. just think, if you go into a room with 150 chinese, you’ll find 110 indians, 14 nigerians, 4 south africans and 1 zambian. we have no critical mass!
Zambia for Sale!!!!
#30 Chonchili July 22, 2009 at 1:32 pm#29 true, transparency and good labour laws are key investment expansion i do agree with you on #24 and on the particular number i have pasted…people should be free to use the language they want… An d you are riight on this #30 and i have an addition its good that China is investing in China all the government is to put laws for good pays and safety and all other neccessary things…The Chineese are there to make money so they will do as much as possible to use as less money as possible to get more profit.The duty of government is to put good policies…by the way i would be for the idea that people coming into the country such as Chineese it should be made easy for them to acquire Zamban citizenship so that they dont go back to there country.
So that even when they have children in Zambia the children are fully Zambian and will not want to go to china but remain and continue to contribute to the development of our nation…lets see this investment from foreign countries with a positive eye….the chineese are good people lets utilise them.
China my china are very dangerous and cruel….Theyre investing huge in Southern Africa be int money and droves of people.Seems the rule is if you are not white its allright