ZDA records US$3.9 billion investment in 2018

By Staff Reporter

The Zambia Development Agency says it has recorded US$3.9 billion investment in 2018 in various sectors of the economy.

In a statement ZDA acting director general Cosam Ngoma said the agency had also facilitated export deals worth over US$109.5 million from on spot sales and business deals that were clinched by the private sector at various export promotion platforms.

“Of the total projected investment, the energy sector recorded the highest valued at USD 1.5 billion, representing 39%, the manufacturing sector was second with USD 708.4 million, representing 18% followed by the mining sector with USD 241 million, representing 6%. Of the total recorded projected investment, USD 21.7 million was investment in the various Multi Facility Economic Zones and Industrial Parks around the Country,” said Ngoma

He said in the same vein, the agency recorded employment of 20,709 jobs in 2018 compared to 24,660 in 2017 denoting a decrease of 19%.

Ngoma noted that the increased investment in the energy sector was a direct result of government’s efforts in the promotion of investment in alternative sources of energy in addition to hydro power arising from power deficits faced by the country in recent years which adversely affected the performance of the economy.

“Given the conducive business climate such as political and economic stability, ease of doing business and good governance, investment into the country is projected to increase. With the increased FDI inflows into the country, am urging the local businesses to partner with foreign investors through joint ventures and business linkages to create wealth and jobs for the Zambian people,” he said.

He added that in terms of promoting non – traditional exports (NTEs), the agency undertook several export promotion activities during the 2018 and continued to make inroads into regional and international markets.

The top NTEs markets for Zambia include, among others, DR Congo, South Africa, Zimbabwe and China.

“During these export promotion activities, the agency facilitated export deals worth USD 109.5 million in form of on spot sales and business deals that were secured by the private sector at various export promotion platforms. Participating at various export promotion platforms gave Zambian exporters enhanced visibility and exposure in order to increase export sales of Zambian products into foreign markets”, Ngoma added

Meanwhile Ngoma said the agency facilitated business development support services including incubation to 4,948 Micro, Small and Medium Enterprises (MSMEs) which involved product development in various sectors such as agriculture, manufacturing, textile and garments, leather, mining and tourism.

“Further, the ZDA assisted 1,529 MSMEs with business linkages which included market access support through backward and forward linkages to Large Enterprises such as supermarket chains and access to finance with various financial institutions across the country,” he said.