Investments into Zambia’s economy reportedly reach $37 billion in two years

The Zambia Development Agency (ZDA) has claimed that the country’s investment achievements have reached US$37 billion in the last two years, up from $3.31 billion in 2021.

Albert Halwampa, ZDA Director General in a statement issued on Thursday said since August 2021, committed investments registered with the Agency had reportedly increased to historical levels.

He attributed this development to the high-level engagements initiated by Hichilema with other world leaders and corporates as well as his participation at various business forums around the world.

“In 2022 committed investments were US$8.61 billion and significantly increased to US$25.02 billion in 2023 for the period January to August,” Halwampa said.

He pointed out that the energy sector attracted the highest value of investment, followed by manufacturing and construction.

According to Halwampa, committed investment in the energy sector increased to US$16.1 billion in 2023 from US$2.0 billion in 2021.

This, he stated, would mitigate against the incidences of electricity load-shedding that was experienced in the country.

“Similarly, in manufacturing committed investment increased to US$7.7 billion in 2023 up from US$958 million in 2021.

“This is evident of improved investor confidence in the domestic economy arising from an improved investment climate and aggressive investment promotion agenda by the Republican President,” Halwampa said.

He said out of the committed investments which have been monitored, US$4.7 billion had been actualised.

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