Zambia reportedly attracts about US$40 billion worth of committed investments

Close to US$40 billion worth of committed investments have reportedly been recorded in Zambia this year, with the highest pledges and actualised registered in the manufacturing sector.

During this same year, the country also registered actualised investments worth US$2.1 billion and 25,890 jobs.

This is according to Zambia Development Agency (ZDA) Board Chairperson, Biemba Maliti, who spoke at a media briefing to assess ZDA’s Performance in the year 2023 and outlook for the year 2024 in Lusaka on Thursday.

Maliti announced that US$39.95 billion worth of committed investments had been recorded this year from 379 investment projects.

When compared to US$ 8.61 billion recorded in 2022 from 359 projects, the figures represented an increase of 364 percent.

“The manufacturing sector recorded the highest investment worth US$ 19.72 billion followed by energy with US$8.9 billion, mining with US$ 6.04 billion and Transport with US$ 1.65 billion.

“In addition, 160,280 jobs were committed from the 371 investment projects recorded in 2023 compared to 75,320 jobs committed from the 359 investment projects recorded in 2022, representing a percentage increase of 113 percent,” Maliti said.

Maliti pointed out President Hakainde Hichilema’s foreign trips as part of the key drivers which had led to increased investment pledges as he had continued to inspire investor confidence.

“The President has performed excellently well in promoting Zambia as first choice destination for investment as evidenced by the nearly US$ 40 billion of committed investments in 2023.

“The President has opened many strategic doors by unlocking the much-needed capital from the rest of the world, making it easier to attract and promote investment,” he said.

Maliti explained that the agency undertook monitoring and evaluation of enterprises as a way of ascertaining the level of project implementation and actualisation.

During the period under review, he said, 232 investment projects were monitored in various sectors recording actualised investment of US$2.1 billion and 25,890 jobs.

“The actualised projects are a sample of committed projects registered with the Agency between 2021 and 2022.

“The monitored projects are at different levels of implementation including construction, procurement of machinery and equipment, installation and production,” he said.

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