$1 billion of Chinese investments in Zambia in 2010

Reuters, Monday 10 Jan 2011

China's 2010 investment in Zambia reached $1 billion and created almost 15 thousand jobs. China is trying to secure the resources it needs to boost the economy

Chinese direct investment in Zambia exceeded $1 billion in 2010 and created more than 15,000 jobs, Zambia's vice president said on Monday.

China has invested billions of dollars into African states such as Zambia, the continent's biggest copper producer, hoping to secure the resources it needs to fuel its booming economy.

Vice President George Kunda, who met visiting Chinese Vice Premier Hui Liang Yu, said he expected Chinese direct investment to top $1 billion again in 2011.

The recent signing of an agreement with China's privately owned Zhougui Mining Group would attract more than $5 billion into Zambia's mining sector over the next few years, Kunda said.

"The project will be one of the largest investments by a private foreign company in the country and will employ over 1,000 Zambians," he said.

Hui during his visit will witness the signing of economic cooperation agreements and the opening of a regional office for the China-Africa Development Fund.

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