In a significant development for Zambia’s economic prospects, Chinese companies have committed a substantial $1.4 billion investment in the country. This announcement comes following President Hakainde Hichilema’s address to Chinese investors at the Zambia Investment and Tourism Promotion forum held at the Jinggangshan Conference Centre in China.
Albert Halwampa, Director General of the Zambia Development Agency (ZDA), shared details of the significant investment commitments. Pingxiang Huaxu Technology has chosen to collaborate with a local Zambian company in a groundbreaking $800 million venture focused on wind and solar hybrid power generation. This ambitious project encompasses a 1,000-megawatt wind power facility, a 200-megawatt generating station, and the establishment of a wind power equipment and components manufacturing plant.
Additionally, an investment of $450 million has been earmarked for a photovoltaic (PV) solar project in Lusaka city. Mr. Halwampa also revealed that Jiangxi Special Motor Company Limited is allocating $290 million for the manufacturing of lithium batteries in Zambia’s Southern Province.
These substantial investment commitments signify a promising economic collaboration between China and Zambia. They underline President Hichilema’s dedication to promoting trade and investment opportunities for the benefit of the Zambian people.
The Zambia Development Agency (ZDA) has consistently attracted investments, largely attributed to President Hichilema’s unwavering commitment to advancing trade and investment in the country. These investments hold the potential to stimulate economic growth, create job opportunities, and further enhance the economic ties between Zambia and China.
The infusion of capital into various sectors of the Zambian economy reflects the confidence of Chinese investors in the country’s growth potential and stability. As these projects take shape, they are expected to contribute significantly to Zambia’s development and progress, aligning with the nation’s broader economic goals.