China In 2010 Invested More Than $1 Billion in Zambia

Chinese Premier Wen Jiabao (R) talks with visiting Zambian President Rupiah Banda in Beijing, capital of China.

Last year China invested more than $1 billion in Zambia.

Chinese direct investment in Zambia exceeded $1 billion in 2010 and created more than 15,000 jobs, Zambia’s vice president said on Monday.

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 direct investment to top $1 billion again in 2011.

The recent signing of an agreement with China’s privately owned Zhougui Mining Group would attract more than $5 billion into Zambia’s mining sector over the next few years, Kunda said.

“The project will be one of the largest investments by a private foreign company in the country and will employ over 1,000 Zambians,” he said.

Hui during his visit will witness the signing of economic cooperation agreements and the opening of a regional office for the China-Africa Development Fund.

Another continued reach and expansion of China’s economic rise in the world, especially in Africa.  One thing that Zambia should be carefully aware is that China must have a long term plan on investing in the country, not just till the resources it wants in the country are run out.

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