By Nawa Mutumweno – Chinese investment turnover in Zambia is set to hit $1.4 billion by the close of 2010, raking in $40 million revenue for the Zambian government.
According to Chinese ambassador to the country, Li Qiangmin, 13 enterprises have settled under the Zambia-China Economic and Cooperation Zone (ZCCZ), realizing $780 million in investment and a turnover of $770 million in 2009.
He was speaking during the end of year media briefing on Tuesday, December 21, 2010 in Lusaka.
“The turnover will hopefully reach $1.4 billion this year and rake in $40 million as revenue and create 4 000 jobs for the local people,” Mr. Li pointed out.
Currently over 300 Chinese companies operate in Zambia, increasing the total value of investment from $500 million in 2006 to $1.26 billion in 2009.
Chinese enterprises now account for 60% of Zambia’s infrastructure market, 50% construction market, 20% mining projects and 10% of the agriculture and service market, creating about 20 000 jobs in Zambia.
China’s bilateral trade with Zambia recorded a 100% increase this year compared to last year.
The bilateral trade volume from January to August reached $1.688 billion.
With the growing balance favouring Zambia, the country could be ranked China’s third-largest trading partner within the sub-Saharan region.