The Central Province Administration has received in excess of US$1 billion investment pledges after the Central Province Investment Forum and Expo that was held last month.
This was disclosed in Chibombo this afternoon when President Edgar Lungu launched the construction of the first ever Multi Facility Economic Zone (MFEZ) in Central Province by China Jiangxi United Industrial Investment.
The Industrial Park located opposite Farm Store along the Great North Road is a US$300 million project which will accommodate various industries including Motor Vehicle and Generator Assembling Plants.
The Head of State reiterates his government’s commitment to creating a conducive environment for business growth through continuous implementation of business reforms.
President Lungu says his administration has continued making efforts aimed at reducing the cost of doing business by eliminating hurdles that contribute to delays and high transaction costs.
He says government will continue to encourage the development of Multi Facility Economic Zones, Industrial Parks and farm blocks to foster industrialization and value addition.
“It is for this reason that the Ministry of Commerce, Trade and Industry has developed the National Industrial Policy, National Local Content Strategy and the National Investment Promotion Strategy aimed at creating a favorable platform for business development and growth. I wish to note that Zambia has been recognized as a champion of the third industrial development decade for Africa by the United Nations Industrial Development Organisation and other international organisations. This is an exciting development,” he said.
President Lungu says this development demonstrates government’s willingness to foster industrial transformation through value addition anchored on regional cooperation, establishment of pragmatic regional value chains and fair competition.
He is confident that other potential investors will engage the Ministry of Commerce, Trade and Industry and the Zambia Development Agency in their quest to invest in Zambia.
Speaking at the same event, Central Province Permanent Secretary Sydney Mushanga says he is pleased that four weeks after the Investment Forum and Expo, such projects are taking shape in the province.
And Chinese Ambassador to Zambia Li Jie says this massive project will result in the creation of jobs for the local people.