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


Client Media Releases

UKZN makes the cut in international university ranking
From IIE higher certificate to IIE degree
Busisiwe Mathe to present at ITWeb's GRC 2019 event
Top seven cities for business trips