A German business delegation that recently visited Zambia to explore investment opportunities in key economic sectors, has named the Southern African country as the preferred destination for Foreign Direct Investment (FDI).
The business delegation was led by German-African Business Association Manager for Southern Africa, Mr. Johannes Kurt, and was compounded by investors from mining, energy, telecommunications, and services sector.
Zambia’s good business environment supported by its Government, has encouraged the association to assist the country in attracting more German FDI, explained Mr. Kurt.
Zambia Development Agency (ZDA) Director General, Mr. Patrick Chisanga, had previously explained that German businesses deciding to invest in Zambia would see their projects protected by several legislations as the Zambia Development Act, which is focused on attracting and facilitate FDI inflows and after care of the investment.
There are plenty of business opportunities to tap in different economic sectors and the association’s aim is to link the German investors with the Zambian private sector, Mr. Kurt added.
ZDA Director of Investments Agness Chaila explained that these opportunities are mostly represented by Zambia’s abundant natural resources, which together with the country’s strategic location create trade opportunities for investors.
Direct trade and investment between both Germany and Zambia have improved over the last few years, however there is still room for improvement, said Zambian Ambassador to Germany Bwalya Chiti.
According to International Trade Centre’s Investment Map, German FDI to Zambia has increased from USD 3.6 million in 2011 to USD 5.4 million in 2013, representing an average of 0.3% of the total FDI to Zambia and ranking as the 14th largest investor.