By Nawa Mutumweno – Zambia’s foreign direct investment (FDI) inflows from India has exceeded US$3 billion in the last five years in various sector of the economy.
The Zambia Daily Mail reports that the bulk of the investment went to mining, energy, finance and telecommunications.
Indian Business Council of Zambia (IBCZ) executive secretary Sanjai Chaturvedi said India’s biggest investment in Zambia included Vedanta Resources’ US$2.6 million in the mining firm, Konkola Copper Mines (KCM), Bharti Airtel’s investment in the telecom firm Airtel Zambia acquired from Zain in 2010 and Taurian Manganese, which is investing US$300 million in a manganese processing plant in Serenje, central Zambia.
The IBCZ has since signed a memorandum of understanding (MoU) with the Kabwe Chamber of Commerce and Industry (KCCI) to promote business relations between the two organisations.
Zambia’s permanent secretary in the Ministry of Commerce, Trade and Industry Stephen Mwansa said government is committed to creating a platform for the country to attain economic development by attracting significant foreign direct investment.