Zambia Development Agency records USD 3.9 bn of project investment this year

The Zambia Development Agency has recorded USD 3.9 billion of projected investment in the current year in different sectors of the economy. The Agency has also facilitated export deals worth more than USD 109.5 Million in form of on-spot sales and business deals that were clinched by the private sector at various export promotion platforms.

Acting Director General Cosam Ngoma said of the total projected investment, the energy sector recorded the highest valued at 1.5 Billion US dollars, representing 39 percent, the manufacturing sector was second with USD 708.4 million US dollars representing 18 percent followed by the mining sector with 241 Million US dollars representing 6 percent, Lusaka Times noted.

Cosam Ngoma said of the total recorded projected investment, 21.7 Million US dollars was investment in the various Multi Facility Economic Zones and Industrial Parks around the Country. Ngoma further added that the agency recorded projected employment of 20,709 jobs in 2018 compared to 24,660 in 2017 denoting a decrease of 19 percent. Given the conducive business climate such as political and economic stability, ease of doing business and good governance, investment into the Country is projected to augment.

To comply with the increase of foreign direct investment into the country, Ngoma encouraged the local businesses to partner with foreign investors through joint ventures and business linkages to create wealth and jobs for the Zambian people. According to him, Zambia Development Agency also assisted 1,529 SMEs with business linkages which included market access support through backward and forward linkages to Large Enterprises such as supermarket chains and access to finance with various financial institutions across the country, the website reported.