Mining sector leads Zambia’s FDI

Mines

Mines

The mining sector has contributed more than 63 % of Zambia’s earning from Foreign Direct Investment (FDI) pledges during the third quarter of 2012.

Zambia Development Agency (ZDA) Research, Planning and Policy Director Florence Mumba says out of the total earnings of about $2.8 billion (KR 14.2 billion) the mining sector raked in investment of more than $1.7 billion (about KR8 billion).

Ms Mumba was speaking to ZANIS in an interview in Lusaka today.

She said through the FDIs mining had also scored the highest number of pledged employment opportunities of over 1,200 jobs.

Ms Mumba attributed FDI inflows in mining to sound economic policies by the government and also the investor confidence in the Kalimbila project which is to become Zambia’s largest single mine with production capacity of more than 300,000 tonnes of copper outturn.

She revealed that Energy and manufacturing sectors also generated substantial earnings from the FDIs with energy raking in $700 million (about KR 3.5 billion) and manufacturing bringing in $92 million (KR 460 million) and job pledges being 115 and 754 respectively.

And Ms Mumba has said ZDA has identified several sectors for the year 2013 likely to continue attracting FDIs among them infrastructure, tourism, agriculture, agro processing, manufacturing, and energy, stating that the latter was the cornerstone for all development.

She explained that every sector depended on energy and therefore when that sector was sorted all other sectors fulfilled their potential and drove the economic development of the country.

ZANIS

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