Wednesday, November 5, 2008

Zambia woos colossal Indian investment

Lusaka Times, September 30, 2008

Government has disclosed that investors from India are interested in investing in the Mining and Energy Sector.

Commerce, Trade and Industry Minister Felix Mutati disclosed that the Indian investors are by the end of this year expected to invest a minimum of $US 100 million in the first phase.

The minister said government is soon expected to conclude discussions with the investors on the mining investment after which a final implementation agreement would be endorsed.

Mr. Mutati told ZANIS in an interview that in Phase Two, the investors want to invest in the oil exploration.

He however said the investors have been advised to wait until government advertises for oil blocks so that can apply like any other investor.

Yesterday, Mr. Mutati disclosed during a public rally in Solwezi that investors from India and China intend to invest over $ 1 US billion.

He further stated that investors within Africa are willing to invest millions of dollars in economic activities which he did not specify.

Mr. Mutati said the move would lead to job and wealth creation as many more Zambians would be afforded an opportunity to participate in national development.

He said this is in line with the launch of the Citizen Economic Empowerment Fund (CEEF) aimed at empowering Zambians.