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Zambian vice president says Chinese investment in Zambia topped $1bn in 2010

posted 10 Jan 2011, 08:20 by Sam Mbale   [ updated 10 Jan 2011, 09:15 ]

Zambia's vice-president says Chinese foreign direct investment in Zambia exceeded 1 billion U.S. dollars in 2010 and is expected to grow further in 2011.

LUSAKA, ZAMBIA (JANUARY 10, 2011) REUTERS - 
Chinese foreign direct investment in Zambia exceeded 1 billion U.S. dollars (USD) in 2010 and created over 15,000 jobs, Zambia's vice-president said on Monday (Jan. 10).



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 FDI to top 1 billion USD in 2011.

"Chinese assistance to Zambia has been provided in many areas which are critical to Zambian development and these include agriculture, communications and transport, education manufacturing, health and many including mining, the energy sector, defence and many other areas," Kunda said.

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

Hui is expected to launch the construction of a stadium and visit a Chinese-owned farm in Zambia. He will also witness the signing of economic cooperation agreements and see the opening of a regional office for the China-Africa Development Fund.

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