Lusaka MFEZ investment hits $140m
OVER US$140 million has been invested in the Lusaka East Multi Facility Economic Zone (LE- MFEZ) in infrastructure and production service facilities, thereby fostering growth in Zambia.
The MFEZ, which is being developed by the Zambia-China Economic and Trade Corporation Zone (ZCCZ), is currently housing 16 enterprises with a nominal investment of near US$26 million.
The investment has increased activity in trade and manufacturing sectors of the economy, with numerous spill-over effects in other sectors, says Minister of Commerce, Trade and Industry, Christopher Yaluma.
Mr Yaluma said the investment was also in line with the diversification of the economy away from the extractive sectors that were vulnerable to global dynamics.
He was speaking when he undertook an industrial visit to LE-MFEZ to understand the operations of the zone during the Covid-19 pandemic.
“I wish to assure the Developer (ZCCZ) and indeed the different business that have invested in this MFEZ that Government is undertaking reforms aimed at enhancing the business environment especially during this Covid-19 Pandemic,” Mr Yaluma said.
Mr Yaluma assured ZCCZ and all investors in Zambia, that their investment was secure and that it had the support of Government.
Government, he stressed, was happy with the partnership it continued to receive from private sector in the development of the country.
He said the investment into the development of the LE-MFEZ clearly demonstrated the Chinese Government’s commitment to fostering the bilateral ties that existed between the two countries.
“The completion of construction of the General Service building here at Lusaka East MFEZ is of significant importance in the development of Multi facility Zones in Zambia and especially in strengthening the China-Zambia relations,” Mr Yaluma said.
He reiterated Government’s commitment of encouraging and supporting private sector investments that contributed to wealth creation and economic development in Zambia.
The Minister urged local manufacturers, domestic and foreign investors to take advantage of the abundant trade and investment opportunities that were available in Zambia.