Business

‘Accelerate cross-Africa investments’

KALONDE NYATI, Lusaka
ZAMBIA Development Agency (ZDA) says there is need to accelerate cross-Africa investments for the continent to achieve meaningful development.
ZDA director general Patrick Chisanga said African investors need to spread their investments across the continent to achieve Africa-driven development.
Mr Chisanga said at the just-ended Africa Export and Import (AFREXIM) Bank conference on Friday.
He is happy that efforts are being made to accelerate cross-Africa investments citing Zambia and Nigeria as some of the countries accelerating it.
“Zambia, for instance, has attracted African investments notable [of which] is the US$400 million Dangote Cement Plant in Ndola rural which is owned by a Nigerian investor. Zambia’s Copperbelt Energy Corporation (CEC) is also setting up a power plant in West Africa. This is what we need to grow Africa,” he said.
He said African countries need to form strong partnerships among themselves to create on investment hub and market for various goods and services.
“Africa has all the natural resources, the population is made up of young energetic people to drive the economies,” he said.
Mr Chisanga said Zambia is open for investment in sectors including agriculture, tourism, manufacturing and mining.
He also said the country is looking for investors to invest in the energy sector as the country aspires to produce 6,000 megawatts (MW) to meet the growing demand for power.
Currently, the country is producing above 2,000 mw of electricity.
Mr Chisanga also urged the Zambian business community to take advantage of continental conferences to form business linkages with business communities from other countries in Africa.
Earlier, AFREXIM bank out-going president Jean-Louis Ekra said investment in technology and manufacturing will go a long way in promoting economic diversification.
“The recent impressive growth seen in Asian countries, China in particular, is not just the result of import substitution strategies and domestic consumption policies.
“Much of that growth is also owed to investment in technology and manufacturing processes across sectors as part of concerted efforts at the national level to promote economic diversification and expand labour-intensive employment opportunities,” he said.

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