Zambia tops African land locked countries in attracting foreign investment

Pretoria – Thursday, 2nd October, 2014 – LATEST statistics indicate that Zambia has the highest inflow of Foreign Direct Investment (FDI) among the 16 land locked developing countries in Africa.

The UN Conference on Trade and Development (UNCTAD) has disclosed that economies of eight of the 16 Land Locked Developing Countries (LLDC) increased their FDI inflows with Zambia leading the pack with US$1.8 billion worth of investment secured.

Press Secretary at Zambia’s Permanent Mission at the UN, Mr. Chibaula Silwamba, said in a statement earlier this week that UNCTAD New York Office Chief, Ms. Chantal Carpentier, made the revelation at a special event on facilitating the participation of LLDCs in regional and global community value chain.

Ms. Carpentier said FDI flows to LLDCs fell by 11 per cent in 2013, and that the Asian group of LLDCs experienced the largest fall of nearly 50 per cent.

“Despite a mixed picture for African LLDCs, eight of the 16 LLDCs economies increased their FDI inflows, with Zambia attracting the most at $1.8 billion,” said Ms. Carpentier.

At the same function, Zambia’s Minister of Transport, Works, Supply and Communications Yamfwa Mukanga urged LLDCs to strive to attain sustainable development and save the lives of the people from the poverty cycle

The Minister called on development partners to assist LLDCs to invest in infrastructure, development institutions, enhancement of entrepreneurship, training of human resource and skills development, technology acquisition and impart technological know-how in the people.

In July, the African Union observed that “in recent years Zambia witnessed a substantial 93 per cent rise in investments compared to 2011, a feature attributable to a well-managed economy and a peaceful transfer of power.”

Nicky Shabolyo

First Secretary (Press)