Notable increase in Foreign Direct Investment reflects investor confidence

PRESIDENT Michael Sata has said the notable increase in Foreign Direct Investment (FDI) inflows in the country reflects renewed investor confidence in the Zambian economy and stronger investment profitability prospects.

The President said FDI was critical to the continued growth of the economy, poverty reduction and employment creation.

 Mr Sata said investment pledges had continued to rise, driven largely by investments in the crucial sectors of mining, manufacturing, construction, and wholesale and retail trade.

This is according to a statement released in Lusaka yesterday by Special Assistant to the President for Press and Public Relations, George Chella.

“…as of November 2013 investment pledges were valued at over US$5 billion, whilst foreign direct investment inflows in 2012 grew by 56.2 per cent to US$1.7 billion, from US$1.1 billion recorded in 2011, driven largely by investments in mining, manufacturing, construction and the wholesale and retail trade sectors,” the President said.

“Furthermore, as of November 2013, Non-Traditional Exports (NTEs) were valued at over US$3 billion whilst for the period 2012 NTEs increased to over US$2.8 billion compared to US$1.8 billion in 2011.”

The Head of State emphasised that Government would continue exploiting advantages in labour and natural resources, and actively developing labour intensive industries and enterprises that had huge employment capacity.

Times of Zambia

“The total number of jobs created from 2011 to November 2013 is 354,508 as follows: tourism and arts 218, 344, service 55, 885, electricity gas and water 28, 618, construction 15, 091, education 10, 099, finance and banking 9, 477, community social and personal 4, 998, health 3, 030, agriculture forestry and fishing, 3, 153, transport and communication 2, 725 and others 3, 088,” he said.

 President Sata reiterated Government’s commitment to maintaining macroeconomic stability and addressing the cost of doing business in order to accelerate Zambia’s overall economic growth.