The Zambia Development Agency (ZDA) has recorded more than US$1.3 Billion Foreign Direct Investment (FDI) in the first quarter of 2010, surpassing the projected US$1 billion FDI inflow in 2010.
Speaking during the first quarter media breakfast briefing at Pamodzi Hotel today,ZDA Girector General Andrew Chipwende said the recorded investment of K1,344,328,350 FDI in various sectors of the economy represents more than 590% increase compared to US$194,548,459 recorded during the same period in 2009.
He said ZDA utilized the Private Sector Development Reform Programme (PSDRP) initiatives and collaborative outward investment missions with government to key FDI sources like China and India.
Mr Chipwende stated that investors showed increased confidence in the Zambian economy during the first quarter, and that their confidence can be attested by the huge FDI inflow recorded in the first quarter.
He added that many sectors of the Zambian economy recorded tremendous investment inflows during the quarter, with Pick n Pay Zambia Limited planning to open a number of retail stores in the country.
He said Pick n Pay Zambia Limited has a projected investment plan of US$27 million to open seven corporate stores during the first 5 years and 13 stores within 10 years.
Mr Chipwende noted that the approved investment applications in the same period under review were from 59 applicants, with a total number of 5,943 new job opportunities expected to be created once the projects are implemented.
Meanwhile Mr Chipwende has disclosed that the ZDA has received the three binding bid for Zamtel.
He said the three binding bids were received on 12th March 2010 from Lap Green of Libya, Unitel/Cables of Angola and Ultimo of Russia.
He disclosed that the ZDA board approved the negotiations to proceed with two bidders Lap Green and Unitel while the ultimo bid has been put on reserve in case one of the two bids falls away.
Mr Chipwende said the next phase will involve negotiations and actual implementation of the partial privatization of Zamtel which is expected to kick off in the third week of April and possibly conclude everything by the end of June.