African Press International (API)

"Daily Online News Channel".

$1.4 billion in fresh Foreign Direct Investment (FDI)

Posted by African Press International on October 31, 2007

wilfred-zulu.jpg<By our correspondent Wilfred Zulu

API/APN in Lusaka– Zambia has recorded about $1.4 billion in fresh Foreign Direct Investment (FDI) this year the largest single capital investment within a year since the countrys independence four decades ago.

Commerce Trade and Industry Minister Felix Mutati told API/APN in a telephone interview that the biggest investment was in mining, agriculture, tourism and manufacturing sectors.

Actually, this investment of $1.4 this year alone is more than the total FDI the country received between 1990 and 2000. We are optimistic that by the end of December, we shall have over $1.5 billion of FDI. This shows that as Government, there is something somewhere that we are doing right, said Mutati.

Against this backdrop, the country focuses that by the end of the year, Gross Domestic Product (GDP) will reach seven percent; up by a percentage focused at the start of the year.

The investment level is tremendously great. Besides the four pillars of the economy (mining, agriculture, tourism and manufacturing), the construction sector is also doing very well as seen from huge housing projects across the country.

In 2001, Zambia embarked on an aggressive economic recovery plan after over two decades of recession. It has reverted to agriculture subsidy a development that has made the country record food surpluses.

The Southern African country also reverted to long-term economic planning and launched a National Development Plan (NDP) that aims at turning the country into a prosperous middle-income nation by 2030.

Published by API/APN africanpress@chello.no tel +4793299739 or +4763002525

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