HomeBusinessZimbabwe businesses set up shop in Zambia

Zimbabwe businesses set up shop in Zambia

ZIMBABWEANS fleeing a devastating economic crisis are setting up businesses in neighbouring Zambia, bolstering the Zambian economy whose agricultural sector has been turned around by white farmers displaced during the country’s muddled land reform programme.

The Zamb

ia Investment Centre (ZIC) said Zimbabweans have so far made business commitments amounting to US$135 million in the past six years.

The head of ZIC’s marketing department, Sharon Sichilongo, said 113 151 jobs had been created as a result of the investments.

“Over 112 investment projects from Zimbabwe worth US$134,5 million have been registered over the past six years creating 13 151 jobs,” Sichilongo told businessdigest on the telephone from Lusaka. “The investment climate is attractive and the stability of our economic policies is contributing (to increased investment by Zimbabweans),” she said.

The ZIC is an autonomous statutory body formed by an Act of parliament with a clear mandate to promote and facilitate both local and foreign investment in the country.

Zambia’s economy, once one of the worst performers in the region, has rebounded significantly, recording growth figures while the Zimbabwean economy has been haemorrhaging from a six-year recession.

Nearly 150 commercial farmers displaced in Zimbabwe have moved to Zambia, turning around the country’s agricultural sector from a net importer of agricultural produce to a net exporter.

Zimbabwe, once the region’s breadbasket, is going through its worst economic crisis characterised by acute food shortages as well as foreign currency and fuel shortages that have disrupted the normal functioning of the country’s economy which has contracted by a cumulative 30% since 2000. — Staff Writer.

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