China trebles investment in Zambia

ALAN PEAT THERE HAS been rapidly increasing Chinese investment in Zambia, according to Zhao Zhanbin, counsellor of the Chinese Embassy in Zambia. He told the Chinese news agency, Xinhau, that Chinese investment in the country had trebled to US$41-million (R265.27-m) – bringing the accumulated investment up to US$316-m (over R2-billion) since the establishment of bilateral relations between the two countries. This made China the third largest investor in Zambia after SA and the UK, with Chinese investors employing more than 10 000 local workers. Zambian exports to China totalled R1.63-bn in 2005, while Chinese exports to Zambia totalled R310.5-m. Zhao said investment in Zambia’s various economic sectors such as agriculture and mining would bring huge revenue to the Zambian government and consequently contribute to the country’s gross domestic product.