Zambia poised for increased Chinese investment

LUSAKA - Zambia is poised to see increased Chinese investment in the coming years due to the country's favorable investment climate, visiting Chinese Vice-President Li Yuanchao said on Thursday.

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Li, who started a four-day official visit to Zambia on Wednesday, said many Chinese private investors have expressed delight on the investment climate in Zambia, adding that the Chinese government will push more of them to invest in the Southern African country.

Asked how much investment is expected to flow to Zambia in the coming years, Li said it will depend on the response from private firms.

"What we will do is to encourage them to come to Zambia," he said at a press briefing.

In 2013, the Chinese investment stood at $2.6 billion, creating about 50,000 jobs in Zambia.

Li further said a reduction in industrial labor disputes between Chinese firms and local workers in Zambia was a good indicator that Chinese investors started appreciating local labor laws and points to further increase in investment from China.

In addition, China will continue pushing for a win-win cooperation in its engagement with African governments, Li said, adding that China will endeavor to encourage private companies to invest in African nations as a way of boosting local industrialization.

Li voiced satisfaction with the current cooperation with Zambia but hoped that it would move forward to a higher level.