China investment in Zambia tops $1bn in 2010

Chinese investment in Zambia topped $1-billion and created 15 000 jobs in 2010, with $5-billion more to be spent in the coming years, Zambian Vice-President George Kunda said on Monday.

“Chinese foreign direct investment to Zambia exceeded $1-billion and created about 15 000 jobs as of December 2010,” said Kunda as China’s Vice-Premier, Hui Liangyu, met President Rupiah Banda at the State House.

Kunda, speaking on day two of Hui’s three-day trip, said investment would soar due to a recently signed Investment Promotion and Protection Agreement (IPPA) with Zhougui Mining, which he said had pledged $5-billion.

Hui flew into Livingstone, about 450km south of the Zambian capital, on Sunday.

He will attend an earth-breaking ceremony at the new Lusaka stadium, which is being built by the Chinese, and the opening of a local office for the China-Africa Development Fund.

Hui leaves Zambia on Tuesday for the Democratic Republic of Congo, Cameroon and Senegal after having first visited the Indian Ocean island of Mauritius.—Sapa-AFP

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