Monday, February 26, 2024

Zambia Development Agency records nearly US$40 Billion in committed investments

Share

The Zambia Development Agency (ZDA) has marked the culmination of 2023 by announcing an impressive achievement in the realm of investment, with nearly US$40 billion worth of committed investments and over 160,000 jobs stemming from 379 investment projects.

During the end-of-year Media Briefing in Lusaka, ZDA Board Chairperson Professor Biemba Maliti attributed this substantial success to the exemplary leadership of President Hakainde Hichilema. Professor Maliti highlighted that President Hichilema’s strategic engagement with global leaders and investors had opened doors, making Zambia an attractive destination for investments.

“President Hichilema’s leadership has inspired investor confidence, resulting in the implementation of numerous committed investments from Europe, China, the United Kingdom, the United States, the Middle East, and other parts of the world,” Professor Maliti explained.

The ZDA Board Chairperson outlined the key drivers behind the significant investment projects, citing stable macroeconomic fundamentals, government-led business reforms such as the Public Private Dialogue Forum and the Presidential Delivery Unit, and increased funding to the ZDA as pivotal factors.

In addition to committed investments, Professor Maliti highlighted the ZDA’s efforts in facilitating market access for exporters. The Agency assisted 283 exporters in reaching potential buyers in countries such as Congo DR, Botswana, Mozambique, South Africa, and Angola. Furthermore, 347 exporters received training in export readiness, while 700 were facilitated to access trade information.

Looking ahead to 2024, Professor Maliti outlined the ZDA’s upcoming initiatives, including hosting the Make in Zambia Investment Conference, supporting the development of Special Economic Zones, launching a virtual deal room, and focusing on the electric vehicle batteries and battery accessories value chain.

In the trade and business development sector, the ZDA aims to increase Trade Missions into the Democratic Republic of Congo, establish beef and crop zones, and facilitate partnerships and joint ventures.

The remarkable success of the ZDA in 2023 represents a substantial leap, with a 300 percent increase in commitments compared to the previous year. The manufacturing sector took the lead with investments totaling US$19.72 billion, followed by the energy sector at US$8.9 billion and mining at US$6 billion. Professor Maliti expressed optimism for continued growth and economic transformation in the coming year.

22 COMMENTS

    • These are the news need entertaining to, not blackmailed ministers with cash on table videos. Or illegal miners suffocating to death in dust.
      Open mega farms bwana HH. Like huge, with 5000 employees, they will build their own tuma houses from first salaries. Markets all over, exchange food for oil with apa pa Sudan. Zambia has a refinery which most countries don’t have.
      Think bigger!!

      6
      2
  1. Lies lies lies and more lies… telling lies have now become the hallmark of UPND and they cant physically point at any investment…..”if you spend one hour explaining what you’ve done then you’ve done nothing ” . ..when you’ve done something you shut up the things you’ve done speak for themselves ”
    UPND blah blah blah 24/7

    11
    1
    • True..if the road by my house has been tarred is it necessary for the mayor to inform me that the road has been tarred?

      4
      1
    • Ofcourse cadres like you do not have brains with capacity to understand such so just keep on drinking your jemasons with ba Eddy..

  2. I really thought UPND had better plans for Zambia but I was wrong….it turns out they’re just there to fill their pockets….Thabo Kawana went from having K3700 in savings account to buying a brand new car for his wife in less than 2 years….Kakubo was fired for stealing money at Barclay’s Bank a few years ago and he continued stealing under UPND government….

    9
    2
    • Changa baseka uwacelwa…in this case Kakubo was unlucky to be videoed…. he’s not alone. First time it wasn’t filmed and Santa Claus defended him…iyasula taibula ukubwekeshapo… but this time the Chinese ensured a concrete evidence.

      6
      0
  3. – The first president to ever do graphs and charts that proved he is the best economically performing man, while the outlook shades a different caption.
    – The first president who to ever run a corrupt free cabinet and when some are busted, they claim privacy from a public official: that those are private businesses deals. How? Leaders are servants with no private lives, guys.
    – The first president to give us a 49/51 % share in the mines sale where the new rich offshore buyers are conspicuously mysterious apart from showing UAE physical roots.
    – Pledges are only promises, like those sang by UPND when in opposition. It is just like counting chickens, even telling the gender, more so before hatching.
    New Dawn has really dawned on us.

    11
    • Welcome to 2023 reality check where PF is blamed for all government constipation and ineptitude. On any slight success, they credit it. When they reach a snag, it is scapegoated on others.

      8
      1
  4. kkkkkkk this is what is on paper now can you please actualize it so that it can bring results,may be dollar will drop kkkkkkkk

  5. There is a very big gap between committed investments and actual investments. Even I can commit to investing millions into a business venture just to see what kind of incentives you will offer but in actual fact I may decide not to invest anything in the end.

    9
    1
  6. But is this something to be excited about? So people pledged this much money and we recorded it. But what was presented?

    10
  7. An investment commitment is a LEGAL UNDERTAKING or LEGALLY BINDING obligation by an investor to inject funds or investments. These are not just mere intentions to invest or MOUs or MOAs, or invitations/offers to treaty. In full IFRS financial statements, commitments are required to be disclosed. So these numbers from ZDA are not a joking matter. What the report needs to do is to disclose the detailed timelines of realisation of the investments. What has been disclosed is a general timeline. Nevertheless, this appears GREAT. Congrats NEW Dawn Govt. By 2023, the PF bloggers on this platform, (and they are in majority because they voted ECL) will disappear one by one from LT.

    2
    3

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue Reading