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

Minister of Commerce, Trade and Industry Hon. Chipoka Mulenga

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.