News

ZDA records $678 million investment

CHISANGA

ESTHER MSETEKA, Lusaka
THE Zambia Development Agency (ZDA) says it has facilitated investment promotion projects worth US$678 million in the first half of this year.
Meanwhile, the agency has recorded a drop in investment pledges to US$1.136 billion during the same period, compared to US$3.617 billion registered last year.
At a media breakfast yesterday, ZDA director-general Patrick Chisanga said the agency plans to attract up to US$3 billion foreign direct investment (FDI) pledges through targeted investment promotion strategies.
Mr Chisanga said the projects, which are in the process of implementation, include Sunbird Investments with intentions to establish an ethanol plant in Kawambwa at a cost of about US$150 million.
Others are Mansa Sugar Plantation and Processing in Chembe and Buffalo Consortium, which intends to produce cement in Chongwe.
“The agency also facilitated investment promotion projects, which are complete or being implemented at a cost of US$730 million. The projects have been undertaken by Zambian Breweries at the Lusaka South Multi-Facility Economic Zone, Dangote Cement in Masaiti, Ndola, Zambia Sugar Plc in Mazabuka, Silverest Housing Gardens in Lusaka and Global Plantation in Lufwanyama,” he said.
On the drop in investment pledges, Mr Chisanga is optimistic that ZDA will continue promoting trade and investment through an efficient and co-ordinated private sector economic strategy.
“In 2014, a total of US$3.617 billion was pledged. This year, that figure stands at US$1.136 billion, obviously this is reflecting a slight drop. But you have to realise that from December until February, we were involved in election activities, and normally, especially in Africa, when there are elections, investors tend to stay back. That would explain the drop in investment pledges, partly not entirely,” he said.
Mr Chisanga also said pledged employment in the period under review in 2014 was 13,691 while this year it has slightly dropped to 10,558.



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