(ZANIS) The Lusaka South Multi Facility Economic Zone -LS MFEZ has attracted 1.3 billion United States dollars of investments in the last two years.
LS MFEZ Managing Director KENNEDY MWILA says the investments grew exponentially from 340 million dollars to 1.3 billion dollars in the last two years despite the global impact of the COVID-19 pandemic on economies.
Mr. MWILA however points out that the economic zone lost 40 million dollars of investments due to the impact of the COVID-19 pandemic on the Zambian economy.
He was speaking during the 10th anniversary celebration of the Lusaka South MFEZ in Lusaka.
He said the increased investments into the economic zone has seen a 300 percent increase in the number of investors in the last two years from 22 to 88.
Mr. Mwila said out of the 88 investors, 20 have since started operations while another 20 are still constructing their facilities and the remaining 48 are finalizing their various investment authorisations.
And speaking at the same event, Commerce, Trade and Industry Minister, CHIPOKA MULENGA said government will continue to promote multi-facility economic zones as a way to promote the country’s industrialization agenda.
Mr. Mulenga said government recognises that manufacturing is critical in stimulating economic growth and will support the creation of economic zones to expand the country’s industrial and manufacturing base.