28 September 2012

Zambia: CNMC to Invest $400 Million More

A CHINESE government-owned enterprise, China Non-Ferrous Metals Mining Corporation (CNMC), has pledged to pump an additional US$400 million into the Zambian economy to create more jobs for the locals.

CNMC's whose core business is to develop non-ferrous mineral resources, projectengineering and related trade and services, has since invested an initial $1 billion in the Zambian economy.

CNMC vice-president Xu Shusen said the company had already made plans to plough back US$ 400 million into the Zambian economy.

According to a statement issued in Lusaka yesterday by Counsellor for Political and Administrative Affairs at the Zambian Embassy in China Joe Chilaizya, Mr Xu said the company was ready to plough back into the economy a tune of $400 million in addition to the more than US$1 billion it has already invested in Zambia.

Mr Xu said the Zambia-China Economic and Trade Cooperation Zone, in which CNMC has invested in, was running smoothly and the various infrastructure projects were moving ahead step by step.

The zone has attracted 14 corporations and whopping $1 billion worth of investments.

It has a planned area of 17.28 square kilometres and was the first overseas economic and trade cooperation zone in Africa to be set up by China.

It is also the first multi-facility economic zone to get the Zambian Government's endorsement.

CNMC made its first investment in Zambia in 1998 with nine corporations providing 12,500 jobs, and has paid more than $90 million in taxes to the Zambian Government.

Addressing senior company executives at CNMC when he led a Zambian delegation to China, Deputy Minister for Youth and Sport Nathaniel Mubukwanu said the Zambian Government was running an export led economy that would need more investment in value addition which would also lead to job creation.

Mr Mubukwanu said the political transformation Zambia has undergone in the last one year was borne out of a desire to transform the quality of life of Zambians and only major investors like CNMC could assist in accelerating development.

And speaking when he toured Huawei, a leading global telecommunications company, Mr Mubukwanu said investment in the Zambian telecommunications sector was critical because the country was a gateway to the 400 million people in the Common Market for Eastern and Southern Africa (COMESA) regional markets.

He said Zambia cannot therefore afford to lag behind in telecommunications and companies like Huawei can help Zambia develop acceptable international standards.

Mr Mubukwanu expressed happiness that Huawei had a policy of investing in local human resources and 72 per cent of its employees was made up of the local workforce.

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