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25 Chinese firms set up in Zambia's Chambishi MFEZ
25 Chinese firms set up in Zambia's Chambishi MFEZ

25 Chinese firms set up in Zambia's Chambishi MFEZ

FMCG SUPPLIER NEWS - Aug 13th 2013, 09:27

A total of 25 Chinese enterprises worth US$1.2 million have been set up in the Chambishi Multi Facility Economic Zone (MFEZ) in the past year, the Zambia Development Agency (ZDA) has said.

ZDA export manager Moses Simemba said in Lusaka at the weekend that it was gratifying to note that Zambia was the first African country to benefit from Chinese overseas investments through establishment of the Chambishi MFEZ.

Mr Simemba said investment in the Chambishi MFEZ reached approximately US$1.2 billion in 2012 and was still attracting more companies.

Government has reciprocated by putting in place a dedicated legislation, ZDA Act Number 11 of 2006, to govern the operations of economic zones in Zambia

He said Zambia would continue putting in place measures that will ensure that Zambia becomes an excellent investment destination through an enabling environment.

This will contribute to the realisation of the country’s Vision 2030 of transforming Zambia into a prosperous middle-income country. And Mr Simemba announced that Zambia’s exports to China increased to more than US$1.8 billion in 2012 from $1.5 billion in 2011.

He said Zambia’s exports to China were $1.836,254,000 while in 2011 the exports were $1.504, 569,000 representing an increase of 22 per cent.

Mr Simemba said statistics also showed an increase in Zambia’s imports by 20 per cent between the 2012 figure of $883,308,000 and that of 2011 of $706,335.

During the last five years, Zambia’s trade to China has been increasing and trade has been in favour of Zambia.

With the three memoranda of understanding (MoU) for purchase and contract between Zambia and Chinese companies signed in Lusaka, Mr Simemba expressed hope that more and more Chinese investors will invest in Zambia and partner with Zambian business in establishing joint ventures.

Copyright © 2013 Times of Zambia, All Rights Reserved. 

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