India’s FDI to Zambia tops US$3 billion

nampundwearialbig-bIndian firm Vedanta Resources invested US$2.6 billion into Zambian mining firm Konkola Copper Mines (KCM), who operates the Nampundwe pyrite underground mine and concentrator. (Image source: Konkola Copper Mines)Zambia’s foreign direct investment (FDI) inflow from India has exceeded US$3 billion for the last five years in various sector of the economy

The Zambia Daily Mail has reported that the bulk of the investment went into the mining, energy, finance and telecommunications sectors.

Indian Business Council of Zambia (IBCZ) executive secretary, Sanjai Chaturvedi, said India’s biggest investments in Zambia included the $2.6 billion Vedanta Resources pumped into the mining firm Konkola Copper Mines (KCM).

Bharti Airtel’s investment in the telecom firm Airtel Zambia, which it acquired from Zain in 2010, and Taurian Manganese $300 million investment in a manganese processing plant in Serenje, central Zambia were also cited by Chaturvedi as key examples of Indian investment in the Zambian economy.

The IBCZ recently signed a memorandum of understanding (MoU) with the Kabwe Chamber of Commerce and Industry (KCCI) to promote business relations between the two organisations.

Zambia’s permanent secretary in the Ministry of Commerce, Trade and Industry, Stephen Mwansa, said the government was committed to creating a platform for the country to attain economic development by attracting significant foreign direct investment.

Nawa Mutumweno

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