The World Is Coming To Zambia
By Albert Halwampa, Director General of the Zambia Development Agency
May has been a milestone month for the Zambia Development Agency.
On May 1, President Hakainde Hichilema officiated at the ground-breaking ceremony for the construction of the United Capital fertiliser plant, a project worth $600 million that was facilitated by the Zambia Development Agency (ZDA). Fittingly, the ceremony took place on International Labour Day. The urea and ammonium plant is just the latest in a series of high-value infrastructure investment partnerships specifically designed to boost the Zambian economy whilst guaranteeing long-term sector sustainability, infrastructural enrichment and stable local employment.
The signing of a memorandum of understanding between the ZDA and Invest Africa on the sidelines of the Africa Debate in London.
On May 4, as Director General of the ZDA, I was delighted to announce a record high projected investment for Q1 of 2023, with investment ventures worth $8.57 billion secured. This represents a nearly 3,500% increase compared to the same period last year. All in all, 81 investment ventures were undertaken in Q1 of 2023, compared to 74 in Q1 of 2022. Not only, therefore, have the overall volume of investments grown but the average financial commitment of each investment has also reached new heights.
As a direct result of these investments, 13,435 new jobs will be sustained. Furthermore, the $8 billion worth of investments earmarked for the energy sector will help fulfil our commitment to Zambia’s energy security and empower Zambians to fulfil their potential in every segment of the economy.
In line with the New Dawn government’s pledge to make Zambia a regional and continental economic powerhouse, we were also pleased to announce that the ZDA has facilitated market access for 20 exporters to potential buyers, and has audited 101 exporters in the Copperbelt, Lusaka and Eastern Provinces.
Further afield, this month I had the pleasure of attending the Africa Debate at the Guildhall in London. With me, alongside a number of other Zambian businesspeople and ministers, was President Hichilema, who in his keynote speech reminded investors that Zambia is “looking for mutually beneficial partnerships”.
President Hichilema at the Zambia Investment Forum, hosted by Invest Africa.
This conference was not only a chance to showcase how far Zambia has come but also an opportunity to further advance our fortunes as a nation. Meetings at the side-lines of the Africa Debate and the Invest Africa Zambia Investment Forum have so far yielded deals with some 162 companies, including a memorandum of understanding with Invest Africa itself to promote foreign direct investment from the UK into Zambia.
I was proud to sign this MoU myself, together with IA chairman and former Africa Minister the Rt Hon. Mark Simmonds. The agreement is yet another indicator of the strong bonds between the ZDA and Invest Africa, as well as Zambia’s longstanding partnership with the UK, and I look forward to welcoming the businesses and financiers that come to Zambia as a result of this close cooperation.
Also agreed within the MoU were provisions to mobilise investments from Europe, the United States of America, the Middle East and Africa, and to continue to hold promotional activities in Zambia and the UK on a reciprocal basis. The sectors likely to benefit the most from our continued partnership with Invest Africa are Agriculture, Energy, Mining and Tourism – all of which are critical to Zambian employment and localised economic enrichment.
Delegates at the business forum in Lusaka, co-hosted by the ZDA and Etion.
On May 18, the ZDA hosted a business forum in partnership with Etion, a business delegation from Belgium in Lusaka. A business-to-business (B2B) meeting was held, along with a networking session, to encourage business linkages and joint ventures between Zambian and Belgian enterprises. So many European investors are excited to deepen ties with Zambian business and industry and I have no doubt that investment summits such as this will continue to enjoy enormous success.
It is a very exciting time to be at the helm of the ZDA, a fantastic moment to be investing in our country, and a proud moment to be Zambian. We look forward to the results of Q2, continue to plan more investment summits, and eagerly anticipate forging new business ties and solidifying those we have already established.