ZDA targets US$4bn investment in storage facilities

The Zambia Development Agency (ZDA) is targeting to attract US$4 billion investment in priority sectors of the economy this year.

ZDA Chairperson Songowayo Zyambo says the bulky of the resources would be in the agriculture, tourism, manufacturing, mining and infrastructure sectors.

Mr. Zyambo says the sectors would be viable through attracting both local and foreign investors in the country.

He disclosed that by June this year, US$3.6 billion pledged investment had already been recorded with a pledge employment standing at 13,694.

He said this in Lusaka today during the signing ceremony of US$14.5 billion Memorandum of Understanding (MoU) between ZDA and CHC Commodities Limited.

The MoU signed under the Investment Promotion and Protection Agreements (IPPA) arrangement will be for the construction and management of grain storage sheds across the country.

Mr. Zyambo disclosed that his agency wants to decentralise and open up branches in all the remaining eight province of Zambia thereby creating job opportunities among the Zambian people.

He has since commended CHC Commodities Limited for coming investing in Zambia.

And CHC Commodities Limited Managing Director Bob Coventry disclosed that his organization has so far invested over U$S12 million in the agriculture sector and an additional U$S5 million will be invested in the next 18 months.

Mr. Coventry pledged to work closely with government through the ZDA.