FDI
Net foreign direct investment inflows to Zambia surged to USD 2,359.4 million in 2024, nearly four times the USD 641.1 million recorded in 2023 and the highest level since consistent surveys began in 2010.
The increase was broad based, with reinvested earnings, intercompany lending and equity capital all contributing, and mining remained the dominant destination for that capital[1]. FDI’s role in Zambia’s external balance sheet grew alongside it: by the end of 2024, FDI accounted for 87.7% of all private sector foreign liabilities, up from 77.0% the year before[1].
FDI Inflows, 2023 to 2025
Zambia’s private sector foreign liabilities data, compiled jointly by the Bank of Zambia, the Zambia Statistics Agency and the Zambia Development Agency, shows net FDI liability inflows rising from USD 641.1 million in 2023 to USD 2,359.4 million in 2024[1]. Over the same period, other investment liabilities, mostly long-term loans from non-related parties, fell 45.7% to USD 2.0 billion as mining sector firms renegotiated third-party loans[1]. The net effect was a 9.9% increase in the total stock of private sector foreign liabilities, to USD 19.8 billion, even after the decline in non-FDI liabilities[1].
The growth continued into 2025: the stock of private sector foreign liabilities reached USD 17.9 billion in the first half of 2025, up 7.8% on the same period in 2024, driven again by reinvested earnings and intercompany loans concentrated in mining and deposit-taking institutions[1].
Where the Investment Comes From
Canada, the British Virgin Islands, China, the United Kingdom and the United Arab Emirates were the five largest source countries for Zambia’s FDI liability stock in 2024, together accounting for 64.2% of the total, with investment from these countries concentrated in mining[1]. That source-country mix has shifted since the last comparable survey period: Australia had been the single largest source of FDI liability flows as recently as 2019, followed then by the British Virgin Islands, Ireland, Switzerland, China and Singapore[1].
How FDI Shows Up in the Real Economy
Zambia’s Majority-Owned Foreign Affiliates, companies where a foreign investor holds a controlling stake, employed 89,897 people in 2024, up 9.9% from 81,772 in 2023[1]. Mining accounted for 46.5% of that foreign-affiliate employment, followed by manufacturing at 20.3% and wholesale and retail trade at 13.2%[1]. South Africa, China, Mauritius, Canada and India were the leading investing countries by employment, together accounting for 58.3% of foreign-affiliate jobs[1].
Turnover generated by these foreign affiliates rose 15.7% to USD 16.0 billion in 2024, equivalent to 63.2% of GDP, up from USD 13.8 billion, or 62.3% of GDP, in 2023[1]. Mining generated the largest share of that turnover, at USD 8.2 billion, or 51.4% of the total, reversing an 18.2% decline the previous year on higher export volumes and an 11.0% rise in average realised prices[1]. Canada was the largest single contributor to foreign-affiliate turnover, at 18.8% of the total, followed by Ireland at 16.9%, the British Virgin Islands at 13.4% and China at 8.4%[1]. Tax payments from these foreign affiliates rose 68.0% to USD 1.1 billion and their value added to the economy grew 78.7% to USD 3.0 billion[1].
Composition of the FDI Stock
Reinvested earnings made up the largest component of Zambia’s FDI liability stock in 2024, at USD 7.5 billion, or 43.1% of the total, reflecting the extent to which existing foreign investors, particularly in mining, are ploughing profits back into their Zambian operations rather than repatriating them[1].
Investment Opportunities
The Zambia Development Agency registered investment commitments totalling USD 7.0 billion over the period covered by the 2025 survey, up from USD 6.1 billion a year earlier, while a separate set of 14 project commitments worth USD 3.4 billion spanned energy, agriculture, manufacturing, mining, construction, and water and sanitation[1]. Investor perception survey respondents pointed to an improved investment climate overall, though the US Department of State notes that Zambia’s informal sector, which by International Labour Organization estimates accounts for as much as 84% of employment, sits outside the scope of these formal investment statistics[2].
Last Update: August 2026
