Saturday, June 22, 2024

Government attracts US$700 million dollars investment from top Chinese companies

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Six top Chinese Companies have signed a Memorandum of Understanding (MoU) with developers of Zambia’s Multi Economic Facility Zone, China Jiangxi International Corporation based in Chibombo District, Central Province.

The signed MoU’s translates into 700 Million United States Dollars worth of investment.

The companies to set up businesses at the MFEZ include, China Engineering Company Limited, China National Nuclear Corporation Overseas Limited, Shanghai Jingsheg Auto Parts Limited, Jiangxi Fenglin Investment Development Company Limited and Xiameng Battery Technology Group Limited.

This development took place during the first ever Zambia Jiangxi Economic Corporation Zone Promotion conference held in Changsha District of Hunan province in China ahead of tomorrow’s official opening of the Third China-Africa Economic and Trade Expo to be held under the theme “Common Development for a shared Future”.

Zambia’s Minister of Commerce Trade and Industry Chipoka Mulenga who is leading the Zambian delegation at the expo and witnessed the signing ceremony, said Chinese Foreign Direct Investment in Zambia has been a significant factor in the country’s economic development.

Mr. Chipoka has since called for more investments from Chinese firms owing to Zambia’s sound Macroeconomic environment that offers both fiscal and non-fiscal incentives.

Meanwhile Mr. Mulenga has paid tribute to China for the role it has played in Zambia’s attainment of the debt restructuring program with the International Monetary Fund IMF.

18 COMMENTS

  1. missionaries came gave us the bible and told us to close our eyes and pray
    when we opened our eyes we had the bible and they had the land
    Amen

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    • Ministers, president, vice president ( by the way, where is she hiding for last 17 days?) and cohorts of the ruling thuggish party will do globetrotting, stage manage infestors commitments, most of which will never materialise. In the meantime these thugs amass wealth from shoddy trips, bribes by suppliers, sitting allowances and free drinks by corrupt lobbyists and businessmen. Zambia is doomed till these whitemen’s stooge privatization goon is in free funded community house.

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    • lelolelo these are Chinaman not Whiteman do you not know the difference? I trust a Whiteman (except SA Boer) much more than a Chinaman or a Indian .

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  2. In ECL time fools like Kaizer, Lusambo were drunk with money. By 2025 these nonentities without brain cells will probably be walking on foot. Lungu the biggest thief zambia has ever known won’t even be able to jog as bitterness will have consumed him and most of the stolen stuff will have been grabbed from him. My message to PF thieves is to repent give back the loot and ask for forgiveness from Zambians and God. Otherwise no peace.

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  3. Foreign investment should be a supplement to the country. Because we sold our industries to mine now we think we can not manage our our wealth. What investment has the UPND government themselves done?

  4. The easiest thing is to ask for donations…begging is very easy…but tell someone to put in some work then they start complaining about how hard it is to do business….am sure most diasporans here on LT have relatives back home whom they sent money to in order to start business but they failed….but they keep asking for handouts

  5. And what happened to the Dubai MOUs….all talk with no substance…just fooling gullible followers…talking about big money day in day out and nothing to show for it…this is indeed a government of demagogue President…HH knows that majority of Zambians are gullible no wonder you see all these fake Nigerian prophets trooping to Zambia opening churches and becoming rich in a short period of time….Zambians will believe anything without doing any due diligence

  6. Deceivers…Zambians are being deceive every day….HH and his minions are getting rich whilst keyboard warrior Spaka like lilo is getting poorer

  7. And when we say the President should fly to Beijing some fanatical drumbeater laughs not knowing that China has more billionaires than USA.

  8. What about the West? When would they show up?

    Probably when zambia starts auctioning mines by our chief merchant auctioneer.

  9. I always take Chinese investment with a lot of salt. But I like the type of investors listed here, including the Battery Technology one, meaning this government has the foresight of understanding that if you want to lead in Electric Vehicle battery manufacturing , you cannot do away with China. They are by far, the leaders in this revolutionary industry. But we should emphasise to them that we need good paying jobs, technology and skills transfer, as well as integrating into our economic eco-system

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