President Hakainde Hichilema has reaffirmed Zambia’s readiness to attract investment, particularly in the energy sector.
The President emphasised that energy is vital for the country’s economic growth as it supports various industries such as mining.
Mr Hichilema said this when a delegation of seven companies from China, affiliated with Trina Power China paid a courtesy call on him at State House yesterday.
These companies are set to invest in renewable energy and provide innovative solutions in areas such as smart energy and agriculture, and a US$12 million electric vehicle company in Lusaka.
Mr Hichilema said Zambia is ready for investment, especially in the energy sector.
He has since welcomed the Chinese investment through various companies, noting that the government is ready to support the projects.
The President has since encouraged the delegation to move quickly in deciding as well as implementing the projects even as they deliberate with Zambian sectors.
He also urged the Zambian partners not to delay the set projects but expedite the works and approval as there is urgent need for electricity.
Mr Hichilema also said land availability is key for the set investments.
Speaking at the same event, delegation facilitator, Aaron Mwanza, who is also Kaumbwe Constituency Member of Parliament, praised the government for its favourable investment environment.
Dr Mwanza said the team is ready to cooperate as well as collaborate with the government and its set regulations.
And Chinese delegation leader, Ma Yifeng disclosed that the electric vehicle investment will be established in Lusaka first, with the aim of reducing fuel consumption.
Mr Yifeng disclosed that this first phase, which is among other three investments to be made in the country, will cost between US$5 million and US$7 million.
Meanwhile, Trina Power China Overseas Solutions Business Manager, Volcano Zou, revealed that one of the investments will be solar systems solutions for households, especially those in rural areas.
Mr Zou added that there will also be renewable systems which will involve the establishment of a training school.
Later in the day, President Hichilema later met with Nigerian investor and philanthropist, Tony Elumelu, who is also United Bank for Africa (UBA) Chairman and Founder of the Tony Elumelu Foundation.
The meeting was at State house.
Mr Hichilema emphasised that Zambia is opening up economic routes with its neighbours hence the need for UBA to support its investment agenda which will drive the country’s high economic growth.
And Mr Elumelu reiterated UBA’s commitment to supporting the government through the energy sector among other initiatives.
He said his visit is to see how he can collaborate with the government.
He praised President Hichilema for his commitment towards food security.
Mr Elumelu has also reiterated UBA’s commitment to supporting Zambia’s energy sector and other development initiatives.
