2023 In Review: Zambia's Economic Revitalisation
2023 has been a bumper year for Zambian investment, with an additional US$ 40 billion ploughed into 379 investment projects throughout the year. This represents a 300% increase on the previous year’s figure of US$8.6 billion.
Albert Halwampa, Director General of the Zambia Development Agency, attributes this transformational confidence in Zambia’s economy to the discerning policies implemented by President Hakainde Hichilema.
Speaking to ZNBC 1, Halwampa said there was a “new sheriff in town”, which explains Zambia's attractiveness to global investors. The nation has now become a hub for international business ventures, he explained, and the influx of capital has soared to new heights, signalling a surge in global interest and confidence in Zambia's economic potential.
In Halwampa's words, "We've never witnessed this level of economic activity in Zambia."
Of the monumental US$40 billion investment, a considerable US$2 billion has already been deployed, with Halwampa assuring stakeholders that projects are advancing through various stages of implementation.
He outlined that these strategic investments will soon yield substantial benefits, not only for the investors but crucially also for the citizens of Zambia.
Over the past year Halwampa, along with his dedicated ZDA team, travelled globally, identifying and evaluating diverse business opportunities for Zambia.
From cutting-edge artificial intelligence enterprises in America to the nuanced realm of almond cultivation in Italy, Halwampa has helped position Zambia as an ideal business environment across a wide array of sectors.
This dedicated effort underscores ZDA’s commitment to fostering a resilient business ecosystem that extends beyond the attraction of investment, seeking to diversify and fortify the nation's economic foundations.
As these investments are actualised in 2024 and beyond, it is clear that Zambia is well positioned to solidify its standing as a rising star of southern Africa’s rapid economic development.
What to stay up to date with Zambian investment news? Sign up to our newsletter by clicking here.