Editor's Comment

China: Zambia’s all-weather development friends

ALL third world countries are in dire need of foreign direct investment (FDI) because of the many benefits it brings to the host nation.
FDI avails the host country foreign expertise, an important ingredient in enhancing the existing technical capacity in the nation.
Developed and some emerging economies such as China and India have advanced technology-wise, and investments from those countries help improve competitiveness of countries in where they invest.
There is also evidence of improved quality of products and processes in sectors they invest, which also cascades to efficiency in human resource.
FDI, apart from bringing the much-needed foreign exchange, also contributes to employment creation.
Most countries in the third world are competing for the same investors.
China is courting many countries and investing hugely or greatly in many countries not only in Africa but globally.
China is investing big in Africa and will continue to do so for many years to come. Chinese investment in emerging countries like Zambia is also embedded in the Chinese strategy of promoting sustainable development for China’s economic growth.
China has approximately 1.4 billion people who are eager for good life and sustainable development. Without trade co-operation with countries like Zambia, China may not sustain its economic growth.
China continues to experience hostile trade co-operation with developed economies, some of whom are determined to contain China’s rise. Therefore, emerging economies are better friends for China’s sustainable development.
Zambia should, therefore, count her blessings for being chosen by the Chinese government as a preferred investment destination.
Chinese investment into Zambia is hugely positive and welcome. If the Zambian government and its people can take advantage of Chinese foray into the country, we are more likely to benefit more than to lose in the short, medium and long term.
Therefore, President Lungu is justified in commending the Chinese government for choosing Zambia and assuring investors that their assets will be protected.
Chinese investment in Zambia ranges from the US$900 million Chambishi Multi-Facility Economic Zone to hotels, office blocks and real estate business under the auspices of the Zambia- China Investment Promotion and Protection Agreement.
During the gala dinner with Chinese investors in Lusaka on Saturday hosted by the Association of Chinese Corporations in Zambia, President Lungu noted that Zambia and the People’s Republic of China have enjoyed warm bilateral relations and co-operation has continued to grow through active co-operation in the political, economic and social trends.
He said the growth of the economic co-operation between the two countries is evidenced by the massive Chinese investment in Zambia which stands at an estimated US$5.3 billion.
The President said Chinese investment in infrastructure has played an important role in Zambia’s economic development.
Mr Lungu called on Chinese investors to take advantage of the various investment opportunities that exist in Zambia, which is one of the most politically stable states in Africa.
The significance of Chinese investment in Zambia cannot be overemphasised.
Zambia should get prepared to receive huge investments from China.
Chinese are in Zambia to stay.

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