Zambia gets $12.6bn investments

ZAMBIA last year recorded 390 investments projects worth US$12.6 billion with the energy sector share topping the chart. Out of the US$12.6 billion, new export deals worth US$80.75 million were facilitated by the Zambia development Agency (ZDA).

ZDA acting Director General, Matongo Matamwandi, said the organisation was focused on attracting high value investment projects, resulting in increased inflows. Mr Matamwandi said in a statement that the energy sector recorded the highest value at US$5.50 billion, representing 44 percent.

“The agriculture sector was second with US$2.4 billion, representing 19 percent, followed by Service sector with US$1.5 billion (representing 12 percent) at third. Of the total recorded projected investment, US$3.3 billion was re- investment, representing a 26 percent of total investment,” he said.

ZDA, Mr Matamwandi said, had recorded a growth in projected investment by 160 percent in various sectors of the economy.

He explained that the increased re- investment recorded was as a result of ZDA’s shifted focus in its investment promotion strategy from Foreign Direct Investment to Domestic Direct Investment (DDI). Mr Matamwandi said this was through the facilitation of business diversification and DDI project expansions.

“The agency recorded improvement in actualized investment by 38 percent to US$969 million in 2019 from US$700 million in 2018.

“Of these investments, the mining sector accounted for 56 percent at US$538 million. This was followed by the Service and tourism sectors, respectively,” he said. He said ZDA this year targeted over US$3.5 billion projected investment and more than US$1.5 billion actualised investment from 2017, 2018 and 2019 projections.