Hu urges more Chinese investments in Zambia

CHINESE President Hu Jintiao has directed Chinese investors to expand investment opportunities in Zambia.

And China Non-Ferrous Metals Mining (Group) of Companies president Luo Tao, who is also Luanshya Copper Mining president, has said former owners of Luanshya Copper Mine did not invest a lot of money in the mining company and that some equipment at the mine can no longer be used because they are old.

Meanwhile Copperbelt minister Mwansa Mbulakulima said that he believes that with the help of Chinese investment Copperbelt will be transformed.

Luo said when he paid a courtesy call on Mbulakulima that his company had invested $500 million in Luanshya Copper Mine and Chambeshi Metals.

"I am happy to be here and I am here for three things, the first one is that we have been instructed by President Hu Jintiao to expand more investment in Zambia. We are also here to implement the works at Luanshya Copper Mine. We want to thank the Zambian government for all our investment here on the Copperbelt and the support they have been giving us,” he said.

"I want to say that when President Rupiah Banda came to China he and President Hu Jintiao signed a cooperation agreement and President Banda was proud of our investments here in Zambia. We are going to support Zambia by creating more investments.”

Luo said with the support that his company was getting from the Zambian government and the workers from China and Zambia working hard, the investment that his company had brought to Zambia would be successful.

He said $42 million had been spent on buying of new modern equipment for Luanshya mine because most of the equipment is old.

"This year alone, we are going to use $300 million for modernisation of the equipment at Luanshya Copper mine and $300 million will be invested in Chambeshi metals. We have created 2,500 jobs in Luanshya. I can assure you that Chinese investment is very different from other investors and we will work hard to improve things on the Copperbelt and we are also going to up hold the laws and rules of the country,” he said.

Luo said he was going to make sure that he brought more investment in Zambia and that his company was going to work hard so that Zambians benefit from Chinese investment.

He said he had seen that President Banda's government wanted to improve the livelihood of Zambians and that he too was going to help to improve the lives of people by creating more investment in the country.

And Mbulakulima said that five to ten years from now Copperbelt would be transformed not only in terms of Copper production but manufacturing as well because of Chinese investment.

He said he was happy that more investment was coming to Zambia and that the government was going to give the highest support to Chinese investment.

"I want to put it on record that we are going to give Chinese investment the highest support and we will give you great protection,” he said.