Zambia Launches USD 1 Billion One Belt One Road Industrial Park

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The Zambian Government has recently launched the One Belt One Road Industrial Parks in Zambia’s capital, Lusaka and Chisamba in Zambia’s Central Province at a total investment of USD 1 billion which aims to create national wealth and job opportunities.

The Industrial Park is meant to transform Zambia’s economy through Chinese investments in industries as bicycle and battery manufacturing, and decoration plants in the short term to demonstrate China’s interest specifically in Zambia, explained Tianjin Federation of Industry and Commerce Chairman Liu Dao-gang.

The launch, organized by Chinese Tianjin Association of Industry in Zambia, was officially hosted by Zambia’s Foreign Affairs Minister Harry Kalaba at the Mulungushi International Conference Centre (MICC) in Zambia’s capital, Lusaka where he explained that the government is working to improve the local business environment to reduce poverty by the involvement of the private sector.

Zambia counts with plenty of water, land and other natural resources which enjoy income tax incentives, reason why Tianjin, Zambia Development Agency (ZDA) and Zambia Chamber of Commerce and Industry (ZCCI) should work closer with small and medium-size enterprises (SMEs) to tap those resources and broaden investment, explained Minister Kalaba.

The Industrial Park is part of the One Belt One Road development strategy launched by China’s President Xi Jinping in 2013 which through a maritime silk road seeks to connect Africa with Southeast Asian countries and Europe to integrate China trade around the world.

Zambia constitute a key point in Africa for China, with Chinese foreign direct investment (FDI) to the African country has grown from USD 332 million in 2011 to USD 543 million in 2014 representing approximately 30% of the total FDI inflows to Zambia according to Trading Maps.