Business / Economy

China becomes Zambia's largest investor

(Xinhua) Updated: 2015-07-16 10:31

LUSAKA - A senior Zambian government official said China has now become the largest investor in the southern African nation with its investment having now reached more than $5.3 billion, the Times of Zambia reported on Wednesday.

Siazongo Siakelenge, the permanent secretary in the Ministry of Commerce, Trade and Industry, said about 280 Chinese enterprises were now operating in Zambia, making the Asian nation the largest investor in the country.

"China is the largest investor in Zambia setting up more than 280 business enterprises currently estimated at more than $5.3 billion," he was quoted as saying by the paper during the official opening of the Chinese Commercial Trading Center, a new Chinese company that has started operating in Zambia.

China, he said, will remain an important trade, investment and economic partner to Zambia.

Xuan Yabiao, the managing director of the Chinese firm said his company has invested about $4 million in setting up its operations in Zambia and commended the government for creating a conducive environment which was making Zambia a destination for foreign direct investment.

About 50 local people were expected to be employed while more jobs would be created through business linkages such as the supply chain with other economy players in the market, he added.

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