Chinese Investment In Zambia Reaches USD 3 Billion

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According to Chinese Ambassador to Zambia, Yang Youming, approximately 550 Chinese companies are conducting business in Zambia for a total investments exceeding USD 3 billion.

These companies are estimated to have created nearly 50,000 local jobs in a number of key sectors including agriculture, trade, manufacturing, mining and tourism, among others.

The Ambassador’s announcement came at a ceremony to celebrate his appointment to Zambia, where he also indicated that the volume of bilateral trade between the two countries grew to USD 3.81 billion in 2013.

“Zambia has made great achievements in political, social, economic and other fields over the past five decades, and plays an increasingly active role in regional and international arenas,” he said, “Zambia has become one of the world’s fastest-growing economies and it is expected to maintain the economic growth rate of over 6.5% this year.”

“China has been Zambia’s all-weather friend and we appreciate this stance,” said, Stephen Kampyongo, Zambia Home Affairs Deputy Minister, “It’s actively engaged in trade and infrastructure development.”

Diplomatic relations between China and Zambia were established 50 years ago at the same time that Zambia achieved independence and has since been actively engaged in the development of the Zambian economy.