Speaking when a group of Chinese investors called on him at State House
yesterday, President Banda said that investing at this particular time
was appropriate as Zambia was experiencing a power deficit.
Your intended investment to our country is very welcome. We welcome
your presence because we have a great shortage of power in our country
as well as this region, Mr Banda said.
He said that the potential to invest in the energy sector was abundant
in the country saying there was abundant water, coal, uranium, sunshine
as well as human resources among others.
Mr Banda said that it was imperative that the Chinese invested in
Zambia particularly in the face of the global economic crisis and the
falling commodity prices.
Your investment will provide jobs to our people and revenue, Mr Banda said.
Commerce, Trade and Industry Minister, Felix Mutati said that he held
meetings with the Chinese investors enlightening them on possibilities
of exploring investment opportunities in the nation.
With the falling copper prices and some mining investors intending to
leave, he said that the Chinese had been informed on the best sectors
for investment as well as investing in the mining sector.
And Zhonghui Guohua Industry Group Company Limited chairman Wang Yaohui
said that his organisations was in Zambia to assess the investment
climate.
He said that for many years, China and Zambia had cooperated in many
economic sectors citing the construction of the Tanzania Zambia
Railways Authority (Tazara) as one area of cooperation.
Mr Wang said that China would continue offering loans at low interest
rates to developing countries and Zambia would continue benefiting from
the gesture.
And State Grid Corporation of China chief economist Du Zhigang said
that in the face of the economic crisis, it was imperative that Chinese
investors invested in Zambia.
He said that toward the end of last year, his firm acquired prospecting licences in North-Western Province.
He said that his organisation, which was one of the largest electricity
firms in the world, would continue assessing the investment climate in
Zambia.
Chinese ambassador to Zambia Li Qiangmin commended the Government for
ensuring that the investment climate in the nation was favourable.
Meanwhile, two Chinese companies have shown interest in doing mineral
exploration works in Mwinilunga district in North -Western Province.
Zhonghui Guohua Industry (Group) Limited and State Grid International
Development made their intentions to invest in Mwinilunga during a
meeting with Mines and Minerals Development Minister Maxwell Mwale and
Mr Mutati in Lusaka yesterday.
Zhonghui Guohua Industry (Group) Limited was represented by its
chairman Mr Wang while State Grid International Development was led by
Mr Du who is also the chairman.
Mr Mwale said the Government was open to foreign investments and was
happy to receive the two investors whom he assured of the support from
the Government.
Mr Mwale said past exploration surveys indicated that North Western and Western provinces also had gas and petroleum.
He said the Government would this year advertise a block for would be developers in the petroleum industry in the country.
Mr Mutati said even if the country was not spared by the effects of the
global economic recession, the Government had in this year's national
budget proposed major incentives that would boost the mining industry.
Director geological survey department at the Ministry of Mines and
Minerals Development, Kennedy Liyungu said Mwinilunga has strong
indication of mineralisation.
Times of Zambia
Post published in: Economy