Government has signed a US$3.6 billion investment Promotion and Protection Agreement (IPPA) with a Chinese private mining company.
Commerce Trade and Industry Minister Felix Mutati signed on behalf of the Zambian government while Yaohui Wang Chairman of Zhongui mining group signed for his company.
And speaking during the signing ceremony, Mr. Mutati said government will remain committed to attracting more Foreign Direct Investment (FDI) into the country.
Mr. Mutati explained that this is why government is aiming at increasing investment by focusing on the south to south investment which includes India, China and the Middle- East, among other countries.
He said Zambia should attract more Chinese investment as it has become the biggest investment globally especially in countries such as the United Kingdom and the United States America.
The Minster added that US$3.6bn investment in different projects by Zhougui mining group will go a long way towards job creation and national development.
He commended the company for showing confidence to invest in Zambia when many companies in the world were curtailing investments and others have been lying off workers.
Mr. Mutati further noted that government has since embarked on some reforms to minimize hardships faced by investors when coming up with business licenses which will also reduce the cost of doing business in the country.
Earlier, Zhougui mining group chairman Yaohui Wang thanked government for approving the IPPA with his company.
Mr. Wang said the agreement will build more confidence for the company to continue to invest in Zambia.
He disclosed that the company which would be mining copper and other minerals would setup its firms in North Western and Copperbelt provinces respectively.
And Zambia Development Agency Chairperson Luka Mbewe pointed out that US$3.6 billion is one of the biggest investments into the country.
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