Zambia’s investment pledges dwindle

Zambia Development Agency
Zambia Development Agency Director General Patrick Chisanga

Zambia has recorded a reduction in investment pledges in the first half of 2015 compared to the same period last year.
This has also resulted in a reduction in employment pledges.

Speaking during a media breakfast meeting in Lusaka today, Zambia Development Agency Director General Patrick Chisanga says last year’s pledged investment for the first half of the year was valued at US$3. 6 billion with employment pledges standing at 13, 691, while this year pledged investment is valued at US$1.1 billion, with employment pledges standing at 10, 558.

Mr. Chisanga has also disclosed that the agency facilitated various projects in the first half of 2015 amounting to US$678 million which include projects such as Sunbird Investments which is an Ethanol plant in Kawambwa, Mansa Sugar which is a sugar plantation and processing company in Chembe district and Buffalo Consortium, a cement production company in Chongwe.

He has further disclosed that the agency also facilitated other projects which are complete or being implemented at a total cost of US$730 million which include Zambian Breweries at the Lusaka Multi Facility Economic Zone, Dangote Cement in Masaiti, Expansion of Zambia Sugar in Mazabuka, Silverest Housing in Lusaka and Global Plantation in Lufwanyama.

And the ZDA Director General has disclosed that the agency has begun the process of reviewing the ZDA Act No. 11 of 2006 in consultation with the private sector.

Mr. Chisanga says the main objective of this review is to align the Act to the business needs by synchronizing it with other pieces of legislation and to make Zambia an even more attractive investment destination.

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