Photo: IRIN

Zambia is set to produce 1.5 million tonnes of copper per annum and become the world's fifth top copper producer by 2015 due to massive investments, the Zambia Development Agency (ZDA) has said.

ZDA Multi Facility Economic Zones (MFEZ) manager Robert Banda said Zambia was set to be among the top five copper producing countries in the world by 2015.

Mr Banda said Zambia which was currently ranked seventh had shown the potential of producing about 1.5 million of copper per year thereby becoming the fifth country on the world's leading copper producers.

Among the major Foreign Direct Investments (FDIs) which have been injected into the sector include US $3 billion by the First Quantum Minerals, $2 billion by Vedanta, C$7.3 billion by Barrick Gold, another $2 billion by China Nonferous Metal Mining Group and $1billion by Vale.

He said Zambia as African leading copper producer had contributed 50 percent towards the Growth Domestic Product (GDP) for Africa and had unlimited repatriation of profits.

"Zambia is expected to produce 1.5 million tonnes of copper by 2015, and currently its nominal GDP is at $19.2 billion and is contributing 50 per cent of GDP to Africa," Mr Banda said.

Mr Banda said apart from that, the country had abundant natural resources which presented excellent investment and trade opportunities for investors to come into the country.

He said foreign investors should consider investing in sectors that had great impact for economic growth of the country as the country possessed a positive and investor friendly economic environment.

Mr Banda added that Progressive banking; legal and insurance services of international standards and stock exchange market were also available in the country.

"We would like to urge foreign investors to come and invest in Zambia because the country has a positive and investor friendly economic environment," he said.