Business

Zambia eyes increased investment

CHISANGA

ESTHER MSETEKA, Lusaka
THE Zambia Development Agency (ZDA), which targets to attract US$4.5 billion this year, has already received new investments worth US$1.6 billion in various sectors.
In comparison to last year, the agency has upped its target by over K1 billion due to

continued favourable business climate and policies mainly in the energy sector.
ZDA director general Patrick Chisanga said in an interview on Wednesday that the agency is this year expected to attract about US$4.5 billion in foreign direct investments (FDIs) compared to last year’s target of US$3.4 billion.
“The flow of FDIs into Zambia after the elections has increased significantly…We have a number of proposals in the ranges of US$1.5 billion and US$2 billion with some of these being mainly in the energy sector,” Mr Chisanga said.
He is confident that Government’s prioritisation of the energy sector has contributed to the investors’ community to be receptive.
“I actually share the optimism that if the current pace of new investments into the energy sector, particularly with the adjustments in the tariffs, we are going to witness the end of load-shedding and beyond that we should be able to export power to our neighbouring countries,” Mr Chisanga said.
He said ZDA will continue to harness FDIs in the priority sectors such as agriculture, manufacturing, energy, tourism and mining sectors.
On the outlook, Mr Chisanga said the economic prospect for 2017 looks bullish with a 4.9 percent gross domestic product growth projection premised on renewed investors’ confidence.

 

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