Zambia Investor Briefing: May 2023
OVERVIEW
President Hakainde Hichilema travelled to the UK to attend the coronation of King Charles III and meet with delegates and investors. There, the president attended the Zambia Investor Forum and the Africa Debate in London, both hosted by Invest Africa. President Hichilema gave the keynote address at the Investor Forum, where he announced that Zambia is ready for business. There, Zambian Ministers met with key players in the agriculture, tourism, mining, infrastructure and energy sectors, negotiating investment opportunities. The president also gave a keynote speech at the Africa Debate alongside Andrew Mitchell, UK Minister of State for Development and Africa.
Over the course of the week he spent in England, Scotland, and France, Hichilema took part in 20 meetings with heads of state, delegates, and investors, where he discussed the country’s investment potential. These included meetings with Emmanuel Macron, President of France; Scotland’s First Minister, Humza Yousef; Han Duck-Soo, Prime Minister of South Korea; and James Cleverly, UK Foreign Secretary.
Whilst in attendance at the Africa Debate, Albert Halwampa, Director General of the ZDA, signed a Memorandum of Understanding (MoU) with Invest Africa’s Chairman (and former Africa Minister) Mark Simmonds. The purpose of the MoU is to promote foreign direct investment from the UK into Zambia. Other meetings at the sidelines of the Africa Debate and the Zambia Investment Forum yielded deals with a total of 162 companies.
President Hichilema met with officials from British International Investment (BII), including its CEO Nick O’Donohoe. The development finance institution has invested over $100 million in the Zambian economy, its main areas of interest being the country’s agricultural, energy, and financial sectors. According to Hichilema, the meeting was a means of demonstrating his government’s commitment to “providing an enabling environment for private sector to thrive”.
US President Joe Biden announced his country’s support for the development of the Lobito Rail Corridor, which would connect Zambia and the DRC to global markets through Angola. The US International Development Finance Corporation is currently performing due diligence for a potential financing package of $250 million. Biden stressed the effects of this investment on strengthening Zambia's trade, employment, supply chains, and food security. He made the announcement at the Partnership for Global Infrastructure and Investment (PGII) Meeting, held in Hiroshima, Japan.
Wasoko, a Kenyan retail-tech startup, has expanded into Zambia with a US$1 million investment for its first year of operations. The company leverages innovative technology to provide same-day delivery of essential goods and financing to informal retail stores across Africa. In March 2022 it banked a US$125 million Series B round. Zambia is its first expansion into Southern Africa, with its central hub based in Lusaka. Wasoko’s operations in the city will enable small retailers to access an affordable range of products for same-day delivery and working capital financing solely, accessed purely through a mobile app.
A Zambian delegation, led by Finance Minister Dr Situmbeko Musokotwane, attended the Annual Meetings of the African Development Bank (AfDB) in Sharm El Sheikh, Egypt. Among the bilateral talks held by the delegation were meetings with Dr Akinwumi Adesina, President of the AfDB, and Kevin Kariuki, AfDB’s VP for Energy, Climate, and Green Growth.
Zambia Investment Forum and The Africa Debate, London
President Hichilema travelled to the UK to attend the coronation of King Charles III and meet with delegates and investors. There, the president attended the Zambia Investor Forum and the Africa Debate in London, both hosted by Invest Africa.
Hichilema gave the keynote address at the Zambia Investment Forum, where he announced that Zambia is ready for business. He reiterated that his government was “committed to reforms – after all, we were elected on a ticket of change, to improve the lives and livelihoods of our people [...] through the economy”.
At the forum, Zambian Ministers – including Finance Minister, Situmbeko Musokotwane; Commerce, Trade, and Industry Minister, Chipoka Mulenga; and Foreign Affairs Minister, Stanley Kakubo - met with key players in the agriculture, tourism, mining, infrastructure and energy sectors to negotiate investment opportunities.
The president also gave a keynote speech at the Africa Debate alongside Andrew Mitchell, UK Minister of State for Development and Africa.
Hichilema’s Meetings in England, Scotland, and France
Over the course of the week he spent in England, Scotland, and France, Hichilema took part in 20 meetings with heads of state, delegates and investors, where he discussed the country’s investment potential.
Hichilema met with France’s president, Emmanuel Macron. The primary focus of the bilateral was Zambia’s debt restructuring programme. During Hichilema’s meeting with Scotland’s First Minister, Humza Yousaf, the latter confirmed Scotland’s investment of £1 million to a vaccine research laboratory in Zambia.
During his trip, president also met with Han Duck-Soo, Prime Minister of South Korea and James Cleverly, UK Foreign Secretary, and spoke at the UK Parliament’s Critical Minerals Association.
Currency
1 USD = 19.51 ZMW 30-day average = 18.510 Volatility (last 30 days) = 0.54%
OTHER NEWS
IMF chief ‘won’t let Zambia down’ as creditors hold up payment’, 05.05.23, Bloomberg
Zambia’s debt crisis is not easy to solve, 15.05.23, Mail & Guardian
Zambia raises key rate to three-year high on inflation pressures, 17.05.34, Bloomberg
China says it will work for better solution of Zambia’s debt issues, 19.05.23, Reuters
Muscle Maker acquires Zambia farmland for $8.5 million, 22.05.23, Yahoo Finance
Studious invests stand to benefit from opportunities in Africa, 25.05.23, Financial Times
Zambia urges official creditors to advance debt restructuring at next meeting, 30.05.23, Reuters
UPCOMING EVENTS
05-06.06.23 Africa CEO Summit Annual Forum ,Abidjan, Côte d’Ivoire
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