EU-Zambia Forum Great Initiative

Zambia Daily Mail, May 19, 2022

Indeed there is no grain of doubt that Zambia is back on an impressive economic growth trajectory. From launching the Public Private Dialogue Forum (PPDF) three weeks ago, to addressing the Investing in African Mining Indaba in South Africa just over a week ago, President Hakainde Hichilema yesterday graced the European Union (EU)-Zambia Economic Forum.

While his attendance of the mining indaba triggered interest among conglomerates like First Quantum Minerals to invest US$1.4 billion in Kansanshi Mine, the PPDF and EU-Zambia Economic Forum will generate private sector investments and business opportunities that foster economic growth and job creation. These are significant milestones in the new dawn government’s efforts in resuscitating an economy which has been beleaguered over many years of maladministration. The EU-Zambia Economic Forum is the first of its kind launched on April 5 this year by Minister of Commerce, Trade and Industry Chipoka Mulenga under the theme ‘Economic transformation through green growth’.

Image: Christian Lue via Unsplash

Yesterday, this high-level event brought together entrepreneurs, experts, financial institutions, innovators, and policy decision-makers from Zambia, the EU and representatives of its 27 member states. It has created a rare platform for EU and Zambian business people to work together and create economic synergies to promote employment and wealth creation. We therefore urge Zambian business leaders to take advantage of the opportunity created by this economic forum to collaborate with their European counterparts in exploring new avenues of making their enterprises buoyant and grow. The foreign investments President Hichilema is attracting into Zambia should not be misconstrued in any possible way just because some of the investors are from the West. We do not agree with such a misplaced perception because the focus of the head of State is to attract investors from strong economies such as those in Europe. Pessimists should therefore not divert Zambians’ attention to petty talk because citizens are interested in seeing an economic turnaround of the country. About a fortnight ago, President Hichilema met new Chinese Ambassador to Zambia Du Xiaohui at State House where he stressed the need for continued close ties of interest and fruitful cooperation in economic affairs, culture and security between Zambia and China. So, rather than dwelling on destructive talk, doomsayers should give Mr Hichilema chance to continue focusing on driving his government’s economic diplomacy agenda, which is pivotal in job creation, attracting investments, and improving people’s welfare. By spearheading the EU-Zambia Economic Forum, the President is aware of the immense benefits Zambia will derive from this initiative because Europe has some of the strongest businesses in the world. Like he correctly pointed out, the €1.6 billion current EU investments in Zambia are inadequate, and through the economic forum, European companies’ level of investment will certainly rise. “Honestly speaking, €1.6 billion, Europe is a giant, I am not convinced that €1.6 billion is something to be proud of. We should work to triple this figure to at least €5 billion,” President Hichilema said. The EU-Zambia Economic Forum alongside the PPDF will be institutionalising private sector investment locally and internationally because both forums are anchored on fostering private sector participation in economic affairs of Zambia. That is why we applaud every effort President Hichilema and his government are making in attracting investments into Zambia because that is the surest avenue to transforming the country’s ailing economy.