ADVERTISEMENT

ADVERTISEMENT

Chinese firms plan to invest $300 million in Zambia industrial park

LUSAKA - Chinese companies plan to establish a new industrial park on the outskirts of the Zambian capital Lusaka with an initial investment of $300 million, a visiting company executive said. More than 30 Chinese companies would invest in areas ...

2046199+Africa.jpg
We are part of The Trust Project.

 

LUSAKA - Chinese companies plan to establish a new industrial park on the outskirts of the Zambian capital Lusaka with an initial investment of $300 million, a visiting company executive said.

More than 30 Chinese companies would invest in areas including bicycle assembly, telecommunications and the manufacture of water pumps, Zou Lin, the chairman of construction services group Tianjin Taida Landun said.

Zambia's Commerce, Trade and Industry minister Margaret Mwanakatwe said the park would provide a further spur to Chinese investment in the southern African nation.

Chinese companies have invested heavily in mining and other sectors over the last 10 years with investment reaching $2.6 billion in 2014, the Chinese embassy said.

ADVERTISEMENT

China has lent Zambia's neighbour Angola around $20 billion since a 27-year civil war ended in 2002, according to Reuters estimates. Angola is Africa second largest crude oil producer, whereas Zambia is its second biggest copper producer.

The 1,000-hectare park would also host Chinese firms involved in international trade, the medical industry, packaging, agriculture and tourism, Zou said.

"Total investment will be $300 million for the first phase and this will gradually rise to $1 billion," Zou said, adding the park would lead to new infrastructure and jobs.

China plans to invest a further $900 million over the next five years in an economic free zone, where firms will be exempted from some taxes such as customs duties. (

What To Read Next
The number of cows going to slaughter is far above the five-year average. Attendees of the annual Cow Calf Days tour in Minnesota heard the latest on cattle trends.
As Mikkel Pates approaches his retirement from Agweek after 44 years in journalism, he talks to Rose Dunn about learning TV, covering ag's characters and scandals and looking toward the future.
Members Only
“In our industry there aren’t a lot of young people in it. I like the fact that there are a lot of young people in agriculture here,” he said of the Mitchell area.
Minnesota Farmers Union, Minnesota Soybean Growers Association and Minnesota Corn Growers Association were pleased with items in Gov. Tim Walz's "One Minnesota Budget" proposal.