Zambia recording highest FDI inflows – UNCTAD

Zambia has the highest inflow of Foreign Direct Investment (FDI) among the 16 Landlocked Developing Countries in Africa, according to the UN Conference on Trade and Development (UNCTAD).

Speaking at a special event on facilitating the participation of Landlocked Developing Countries (LLDCs) in regional and global community value chain, UNCTAD New York Office chief Chantal Carpentier said FDI flows to LLDCs fell by 11 per cent in 2013, and that the Asian group of LLDCs experienced the largest fall in FDI flows of nearly 50 per cent.

Ms Carpentier says despite a mixed picture for African LLDCs, eight of the 16 LLDCs economies increased their FDI inflows, with Zambia attracting the most at $1.8 billion.

At the same function, Zambia’s Minister of Transport, Works, Supply and Communications Yamfwa Mukanga urged LLDCs to strive to attain sustainable development and save the lives of the people from the poverty circle.

Mr Mukanga said the major pre-occupation should be to find lasting solutions to the challenges faced through diversification of economies, value-addition to the commodities produced, and enhancing competitiveness which will enable LLDCs join regional and global value chains.

He notes that this will inevitably call for greater cooperation in fundamental transit policies, laws and regulations with transit neighbours.

Mr Mukanga expressed gratitude that UNCTAD continually advocates for a comprehensive development-centred agenda for LLDCs to address transport, transit and trade facilitation challenges.

The Minister called on development partners to assist LLDCs invest in infrastructure, development institutions, enhancement of entrepreneurship, training of human resource and skills development, technology acquisition and impart technological know-how in the people.

Presenting a case study on Zambia, economist and interregional consultant Lindani Ndhlovu said Zambia should work with its neighbours within the Regional Economic Community (REC) to develop infrastructure and reduce the cost of transport and electricity.

This is according to a statement made available to QFM News by First Secretary for Press and Public Relations at Zambia Permanent Mission to the UN Chibaula Silwamba.