Foreign direct investment (FDI) pledges to Zambia in the first 11 months of 2010 jumped to $4.3 billion from $959 million for the whole of last year, a government body said on Tuesday.
Zambia Development Agency (ZDA) director for export promotions Glyne Michelo told Reuters the surge in interest was mainly due to growth of the manufacturing and mining sectors in Africa’s largest copper producer.
Michelo said Britain, Belgium, South Africa, China and India continued to be the main sources of inward investment, after accounting for 70 percent of the Zambia’s total FDI in 2009.
“The outlook for 2010 looks promising with over $4.3 billion investment pledges and pledged employment of 36,000 jobs already recorded between January to November 2010 against a target of $3 billion for the year,” Michelo said.
Most of the pledges had come from private investors, he added, and the manufacturing sector had generated the most interest, with planned investments of $1.6 billion that would create an estimated 19,500 jobs.
The mining sector attracted $1.4 billion of interest translating into 3,800 jobs in a sector that took a major hit in late 2008 after a collapse in world copper prices.
The jump in investment interest and the prospect of thousands of extra jobs are likely to help President Rupiah Banda, who faces an election next year, probably in September-October before the start of the rainy season.
[Reuters]
RB is truelly working. I know most of you dont like to here good news about your own country, so will expect few comments on this article. I’ve never come across a nation that only wants to here bad things like Zambians. You are such a pathetic bunch.
There are the numbers for you. Again numbers don’t lie, lets see the how the PF cadres from the Matero University and its satellite campus called Kulima Tower school of Insults, Barbarism and Kaponya Economics explain to us why there is so much money coming into the country. No insults please, lets debate facts with facts and please leave your ” We can’t eat inflation” defence at Kulima Tower
Pledges…….some one explain that for me please!!!
LT im warning you for the last time,,,do not publish this kind of propaganda.Im giving you 7 days in which to retract these sort of publications failure to which i will sue and claim K1billion damages.Im directing my lawyers to get ready, this is our mouthpiece,the voiceless,the downtrodden,the people who hate Chiluba with a passion,the people who hate RB’s globe trotting,the people who hate brain dead shikapwasha and his cuzn ka Mulongoti,we hate corruption,but we dearly Love our motherland. I rest my case
#1, If it was on Facebook I’d hav put “Like” on yo comment. True 4sho. Zambians think u r only holy if u say bad things about Zambia or themselves.
#4 RedCard-Smoothcriminal uli wa bupuba fye, ubushilu, bumpulwamatwi, embicile, mushindila kuchulu, mafimafi. Downtrodden kwisa? That’s just pure hatred from the pit of hell.
It can jump to even 50 billion so what .
The point is HOW MUCH !!! of that money will mother Zambia even get less than 3% and you are so proud to call that a major mile stone . 97% of all the profit is going back to where it came From .
What the FRAK!!! .
This is just a clear case of window shopping
#4
Finshi wajoba iwe mukamba kanshi,,,pantu you think anyone who is against your party is a kaponya,i would very much want to know your profession so i can direct my many questions in line with your studies
last time i had a discussion with you,,you lied through your teeth that UTH has never had a dialisys machine,which makes me question the level of your education really
Here the article is talking about *PLEDGES* and yet you are concluding ati “why there is so much money coming into the country” thats just a pledge,not neccesarily that Zambia has that kind of money laying around somewhere
This good is news.
Its a pitty many bloggers do not want to contribute on real economic issues but disparage government for not doing enough when they themselves cannot articulate on intellectual issues.
Government should encourage the processing of finished goods within the country as to get more financial rewrads and more jobs being created.
When will you zambians get it .. It’s like your stuck on stup!d.
Theses Mmd thugs steal your money send it over seas , open up a Po box company the company now comes back with your stolen money and wants to invest in zambia as a foreign investor , you say wow !!! You give the company a tax break for 5 years , the company makes a killing within the time frame ,5 years later the company packs up and leaves .
The Mmd thug comes back with a new company and you say Wow !!! more foreign invedtmen , my gosh Zambia is doing fine .
No Stup!d Zambia is not doing fine you are just Suck,ers without a clue
Sata is Gay!
Ahhggh iwe!only PF kaponyas are allowed to insult here,unless you are PF (practising DONT KUBEBA)
so after insulting does it make you feel more marcho,makes you feel brave and super human, hehehe
Correction to # 9
‘This is good news.’
Ladies and Gentlemen,
Please welcome,
The next President of the Republic of Zambia,
The patriotic son of the land, King Cobra,
His Excellency, Michael Chilufya Sata!
Meh. These are just pledges. Work me up when the money actually lands here
Great news and this is coming from Reuters so PF vuvuzela’s cant claim it is propaganda. The figures speak for themselves. This is further evidence that President Rupiah Banda’s trips are not useless as other ignorant bloggers would have you believe.
This is the way to go. Go Zambia….the momentum is here. Zambia’s economic future looks bright with the leadership of the RB administration.
Splaka it does, at least at a good part of it. true though pipo at ZDA have told me that they are not monitoring pledges. However Splaka, the Lumwana mine, the recently unwrapped manda hill, the recently commissioned CONCO project etc. It is happening stop being negative and be part of the stage of zambian development
@ #14 splaka
about $3 billion+ has already arrived.
“Commenting on this year’s performance, Commerce, Trade and Industry Minister Felix Mutati said as a result of overwhelming response from the investors, Zambia has posted $3.4 billion worth of investment inflows between January and October this year.
This resulted in the creation of 25,704 jobs in sectors such as agriculture, construction, education, energy, health, Information Communication Technology (ICT), manufacturing, mining, real estate, service and tourism.
Mr Mutati noted that manufacturing recorded $1.2 billion worth of investment which has translated into 13,786 jobs created during the same period. [END EXCERPT]
Source: TOZ
Somebody explain to how and when theze billionz will benefit thoze people we saw on floor bedz at Mpulungu hospital, the ever increazing street kidz, the dilapidated Evelyn Hone College and many other public institutionz, the civil servants who am sure (God forbid) will go on strike next year demanding better pay and so fourth.
RedCard-Smoothcriminal,
No one sends you invitations to come here. Instead you wittingly and ignorantly blog like a blind man. LT is not an initiated projected to run at your discretion but the owners whom you don’t even know rather than ignorantly barking against them aimlessly. Just enjoy free service brought up by creative Zambian while you can. When are you starting your PF blog anyway?
Comrades, macroeconimc indicators are positive: the annual inflation rate has been maintained at below 10%, foreign currency exchange rate has stabilised, economic growth rate has overshort its targeted level, employment is being created, investment in health and education sectors is increasing, agricultural production has increased and investment in irrigation systems is underway,— what more do you want to see to accept RB is working? For once be positive about your Country and publicly admit so. Mind you, even the so called RB’s frequent travels are still within their budget allocation.
What will move Zambia forward between policies of open door handwork and the utopian menu of insults and propagating secessionist calls of tribes from Zambia on one side? Zambia has reclaimed the Global confidence, stature and efficacy in doing business standard to the chasm of a Globalized society. It takes investor confidence to move his investment. RB and his MMD has won hearts and minds of humanity capitalist or communists. It pays to have a well educated internationalist for leadership.
Bravo RB and long live MMD!
Politics are good but not enterely so if u are stil making ur life.Devlpoment of any country is a collective action of pipo in a particular country.Insults have done a great harm for our country where every one thimks is better than the other.we are differently tarented & can contribute to differently to the development of our country.Especially young generation should realise that we are entering an age where u are a hero coz of the knowledge u ve & not how much u can insult.So Study how to develop our country & its possible coz time is coming to take leadership.Politics is not knowing how to insult but articulate.Lets make politics difficult for narrow minds to dare to join coz they will be afraid to join.At the moment even mediocres dare to join coz no standard.THIS WIL CHANGE SOON!
have you ever heard Sata discussing or putting forward Ideas to develop Zambia ????
have you ever heard Sata discussing or putting forward Ideas to develop Zambia ????
ooohh i forgot he said he can do it in 90 days
What is this excitement all about? About pledged Investment to placate Zambians..hee???
Only a full can believe in pledges to develop Zambia. What we want is Investment not pledges bane….this is being fullish to translate pledges into development.
On the other hand, its not only foreign investment that steer development of the economy. Its a shame that Zambians own no company which means that the output(income) made from these foreign companies imediately goes out leaving Zambia at the same level of stagination.
There would be development from foreign investment if the out put it creates stayed in Zambia but this is not the case in Zambia. Thats why unemployement and low output has been staginated by the same.
Wake up Zambians, .
This is positive news so expect the usual head in sand from PF supporters. How can people who call themselves patriotic only be happy when they hear negative news about their motherland?
I hope the PLEDGES will be fulfiled soon to benefit the country. We certainly need foreign investment and at the same time govt must stop wasteful expediture
#25 Kambongolo – It is from the pledges that Direct Investment will come. Simple arithmetic will tell you that if 25% of the pledges will mature then the more pledges you get, the higher the actual amount of the investment – if you know what I mean. Translating the investment into meaningful benefits for our people is our responsibility as Zambians. I remember reading an article that stated something like that the coal miners that were shot have agreed to settle the case outside court – need I say more?
A plus for GRZ, Lets be proud of our Country people.