• PRESIDENT Edgar Lungu being welcomed by Shenzhen Deputy Mayor Chen Biao (left) on arrival at Wuzhou State Guest House in Shenzhen, China yesterday. Picture by THOMAS NSAMA

By MOFFAT CHAZINGWA  –

in Beijing-China
PRESIDENT Edgar Lungu has facilitated the signing of a range of investment agreements in China to a total value of US $800 million.
The investment agreements, with the major one being the oil refinery and the majority private sector-driven, have been signed between Government and the Zambian private sector companies working with their counterparts in China.
The landmark signing took place yesterday at the Non-Ferrous Metal Mining Corporation (CNMC) headquarters here in Beijing where President Lungu led a Zambian delegation to a China-Zambia Economic, Trade and Tourism forum aimed at showcasing the country’s recent economic developments and prospects.
About 120 prospective investors attended the forum, where the President delivered a key note speech culminating into the signing of the investment agreements across various sectors of the economy with the majority to be located within the multi-facility economic zones (MFEZ).
During the forum, the Head of State met seven companies interested in setting up investment in energy, power generation, mining, and agro processing among many others.
Special Assistant to the President for Press and Public Relations Amos Chanda, who briefed journalists on the outcome  of some of the bilateral meetings, said President Lungu was happy that most of his deals are private-sector driven.
The details of the investment agreements are expected to be given later because what was signed for were the general frameworks and memorandum of understandings (MoUs).
Apart from the earmarked brand new oil refinery for processing of crude oil, the others covered in the signed investment agreements included a cement production plant to be put up at a cost of $1.2 billion and also the construction 10 maize-milling plants to be established in each of the 10 provinces in the country.
The president was elated that the immediate impact by the signed investment agreements to the local economy was jobs.
President Lungu in his key-note address to the China-Zambia Economic, Trade and Tourism Forum, praised China’s economy which he said had continued to be a symbol of economic and social resilience.
He was happy with China for having been an all-weather friend to Zambia and that the good bilateral relations the two countries have enjoyed were being strengthened further by the signed investment agreements.
Mr Lungu assured the prospective investors that safety and security was guaranteed on their investment.
“There is no jungle law. Policies are put in place and implemented by Government so you are assured that your investment is safe,” Mr Lungu said.
Meanwhile, President Lungu yesterday departed Beijing for Shenzhen where he is today expected to visit Shekou Industrial Park on a conducted tour at around 09:00 hours local time.
Mr Lungu is later scheduled to meet managements of Huawei Technologies Company Limited and ZTE Corporation respectively before meeting Shenzhen municipality leaders.