9.5 C
Alba Iulia
Tuesday, September 21, 2021

Lungu’s visit to China attracts US$2.4 billion

Economy Lungu’s visit to China attracts US$2.4 billion

Minister of Commerce, Trade and Industry Margaret Mwanakatwe
Minister of Commerce, Trade and Industry Margaret Mwanakatwe

Government has disclosed that Zambia attracted a total of US$2.4 billion in investment pledges from Chinese companies during President Edgar Lungu’s recent state visit to China.

Minister of Commerce, Trade and Industry Margaret Mwanakatwe further said an additional US$800 million investment pledges are expected to flow in the country.

Mrs. Mwanakatwe said the investment pledges were made during the business forum, bilateral meetings and other side events which her ministry organised in Beijing on March, 31, 2015 between Zambian companies and Chinese firms.

She said the Chinese firms expressed interest to invest in key economic areas such as mining, rail construction, cable manufacturing, milling, agriculture, timber production, pharmaceutical and motor assembly.

Mrs. Mwanakatwe said the industries will be set up at the Lusaka East, Lusaka South and Chambeshi Multi Facility Economic Zones and other places across the country.

She said this at a press briefing in Lusaka today.

Mrs. Mwanakatwe further said the setting up of these industries in the country will create massive employment opportunities for the Zambian people.

And Mrs. Mwanakatwe said the recent state visit of President Edgar Lungu to
China has enhanced and deepened cooperation between the two countries in the areas of trade and investment.

Mrs. Mwanakatwe said her ministry will facilitate the setting up of firms and identify local entrepreneurs to partner with the Chinese companies.

She said the move was aimed at ensuring that government’s commitment to job creation and industrialisation in the country becomes a reality.


    • Okay these kaponyas have really sold the country. There is nothing exciting about this news, We need to impeach this kaponya of a president. Does he really think a Chinese person or China itself has any interest in developing Zambia and taking good care of our people. The answer is a big NO with an extra O. WHY CAN’T LUNGU ATTRACT $2.5 BILLION WITHIN ZAMBIA. WE NEED ZAMBIANS TO DEVELOP ZAMBIA. I PERSONALLY TIED OF ALWAYS GOING TO ATTRACT FOREIGNERS WHEN WE CAN MAKE DEVELOP ZAMBIA OURSELVES. WHY NOT EMPOWER OUR PEOPLE WITH FINANCIAL CAPACITY, ESPECIALLY THOSE WITH A PROVEN RECORD.

  1. And how many more work permits will be given to the chinese when they come to set-up those industries?

  2. This government has been singing a dancing this investment tune for a long time now. Please give us the breakdown of this 2.4 billion? verbal pledge is not the same as signing an investment contract. I could pledge 100 billion to my country if I want to but that does not mean the money is coming. Stop raising people’s hopes only to buy yourselves time. Lets get serious bane!

  3. This is excellent. The lead time for an investment pledge, if ever it takes place, is three to ten years. Considering the economy is in such a mess, it would not have advantaged HH to c have rules now. These same characters should prepare ground for real takeover in 2016. Let them trot the globe only to handover whatever little benefits to new regime.

  4. most certain are mining and timber takeaway industries. high investor return and serious environmental adverse effects for govt to cleanup.

  5. People, What do you expect to hear? most of you sound negative about something that looks promising. Why cant we be encouraging government and supporting such efforts as opposed to criticizing and prophesying doom

  6. Pledges? Pledges are just that; we have been here before…wake up…why don’t they even say $4 billion in pledges…really laughable.

  7. In who’s pocket will these pledged funds end up, or benefit???
    Of course will be The Chinese, & a few chosen Government officials.
    The bitter pill is The Common poor Zedian, will be paying this back for generations to come.

  8. Timber production??? Wow Zambia will become a desert…China man is penetrating Africa from all angles.

  9. I think many of us may be tempted by China’a vast economy. So we tend to forget that this is a country of 1.3 billion people, almost 100 million of which are considered living below the poverty line. This so called poverty line may be different in different parts of the world, but not that much different between Zambia and China. Poverty means dirt poor in both these countries.

    If you are the Chinese leader are you going to prioritize 100 million of your own citizens or 14 million Zambians?

    We should never lose sight of this simple truth.

  10. Hon. Minister,

    Instead of treating mere pledges as great achievement, I am at loss to understand your inability to enforce statutory provisions already in place which can protect and encourage local entrepreneurship.

    Whilst I agree that foreign investment should be encouraged and welcomed, the priority by any government must be directed to protect, encourage and facilitate his own industry.

    It is most unfortunate that You and members of your ministry are void of any sensible economical strategy directed to protect, enhance and facilitate indigenous industrial, commerce and trade development.

  11. Edgar lungu is the man,we in Kitwe had no doubt about that,all that investment is goin to benefit all of us

  12. All 53 African leaders who have gone to China have allegedly come back with $Billion dollar pledges on investment. Mugabe was there a few months ago ago said the same as Lungu. Can China afford to mother the whole of Africa? Never. Why then did these nationalists like KK, Nyerere, Mugabe et al get rid of the whites who were excellent at creating jobs?

  13. Jealousy will surely kill UPND and U5
    This is progress
    Come to Zambia visit Chambishi and see transformation taking place there. You will die wishing at Aleisa, Akesa, Kwisa. by pass chabe Azapitilila again pantu Halibelela Hukulusa, Hakaivotle Heka. Hyena Hanya, Hippo Hamapombo. U5

Comments are closed.

- Advertisement -

Latest News

New terminal at Kenneth Kaunda International Airport is a marvel as it matches to the international standards-Transport Minister

The Minister of Transport and Logistics Frank Tayali says there is a need to address issues affecting the aviation...

More Articles In This Category

- Advertisement -