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Zambia Foresees 2 Billion US Dollars FDI in 2005

Posted on: Friday, 25 November 2005, 09:00 CST

Zambia foresees 2 billion US dollars FDI in 2005

LUSAKA, Nov. 24 (Xinhua) -- The Zambian government has projected a two-billion-US-dollar direct foreign investment in the southern African country in 2005, 33 percent up from last year's 1. 5 billion dollars.

Felix Mutati, acting Finance and National Planning Minister was quoted by the Zambia News and Information Services as saying in the parliament Thursday that foreign investment inflow has been impressive in the year, an indication that the economy is developing.

The report gives no details, but it is believed to that most of the foreign investment flew to copper mining, as skyrocketing prices in the international market have boosted investment in major mines.

The Chamber of Mines of Zambia said in October that new investment in copper mines will reach one billion dollars between now and 2008, boosting copper production from an estimated 500,000 tons in 2005 to an historical high of 800,000 tons.

Copper mining is the economic backbone of Zambia, the world's fourth largest copper producer.

With remarkable growth in mining, construction, manufacturing and tourism, the government has also predicted an economic growth of over six percent for 2005, the highest for many years.

Source: Xinhua News Agency - CEIS

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