$1.4 Billion to be Invested in Zambia by Chinese Firms

Albert Halwampa, Director General of the Zambia Development Agency (ZDA), has outlined various pledged by Chinese firms to invest significant sums in Zambia to the total of $1.4 billion.

The announcement comes during President Hakainde Hichilema’s visit to China, where he has addressed the country’s investors at the Zambia Investment and Tourism Promotion forum at the Jinggangshan Conference Centre, Jiangxi Province.

The investments include a $800 million venture by Pingxiang Huaxu Technology on a wind and solar power generation project. Another $450 million has been pledged for a photovoltaic (PV) solar project in Lusaka, while Jiangxi Special Motor Company Ltd will invest $290 million in lithium battery manufacturing in the Southern Province.

These significant investments are a sign of China’s growing faith in Zambia’s economy and its political stability, as well as Hichilema’s commitment to promoting trade and economic investment.

During his trip, Hichilema also signed a Memorandum of Understanding (MoU) with ZTE, a global ICT solutions provider, to set up a smartphone assembly plant in Zambia. The president has stressed his commitment to ensuring “all citizens can afford smartphone devices to access government services online”.

Photo: Hakainde Hichilema / Facebook