Zambia Airways Resumes Flights To Zimbabwe After 27 Years
Zambia Airways re-enters the regional network with three weekly flights to Harare after 27 years.
Zambia Airways (ZN) has resumed flights to Zimbabwe after 27 years. The airline was relaunched in December 2021 and has re-entered the regional network with a flight to Harare.
The inaugural flight took off on March 28 from Lusaka Kenneth Kaunda International Airport (LUN) and landed at Harare Robert Gabriel Mugabe International Airport (HRE), where a water cannon salute awaited. The flight was welcomed by government officials, news reporters, and various aviation, hospitality, and tourism stakeholders.
New regional route for the airline
Zambia Airways had been liquidated for more than 25 years but resumed operations on December 1, 2021, with the help of Ethiopian Airlines and the Zambian Industrial Development Corporation. Since then, it has been operating flights on domestic routes.
Last month, the Civil Aviation Authority of Zimbabwe (CAAZ) granted two Foreign Operator Permits (FOPs) to Eswatini Air and Zambia Airways. This gave ZN the green light to operate scheduled flights to Harare, which sees it re-enter the international network after nearly three decades.
The 55-minute flight to Harare was operated on a DHC-8-400, the only aircraft in the carrier's fleet. The airline will operate three weekly flights between Lusaka and Harare and plans to fly at least 1.9 million passengers annually by 2028.
Intra-Africa connectivity
Numerous stakeholders have been involved in the development of aviation in Africa. In line with the Single African Air Transport Market (SAATM) and the Open Skies Policy, Zambia Airways is spreading its wings and promoting intra-Africa connectivity.
As the industry has almost fully recovered from the pandemic, it is the perfect time for African airlines to step up and serve the continent. About 70% of African air travel is served by international airlines. The LUN-HRE has been dominated by Qatar Airways and Emirates, which operate five and seven weekly flights.
Launching the Zambia Airways flight can significantly boost trade, tourism, and business opportunities between the two neighboring countries. At an event following the airline's touchdown, Zimbabwe's Transport and Infrastructural Development Deputy Minister said to NewsDay: “Indeed, our two countries are Siamese twins who share a lot in common. Let us bear in mind that the opportunity offered by Zambia Airways creates copious room for scaling up our further co-operation in areas of aviation and deepening the people-to-people relations, as these are a catalyst for stronger relations between our two countries. To attain the desired middle-income status and fully modernize our countries, it is imperative that we develop reliable, adequate and appropriate aviation linkages.”
Zambia Airways expansion in the near future
The airline is delighted to have launched its first regional route since its restructuring. The route is expected to have a high demand; hence, the airline plans to launch a frequent flyer program in the near future. The program will be known as Zambezi Miles, allowing travelers to earn and spend rewards on Zambia Airways flights.
The Zambian government is eyeing a collaboration with other airlines operating the LUN-HRE route and fifth freedom flights to South Africa. Speaking at the welcoming event, acting Permanent Secretary for the Transport and Logistics Ministry of Zambia, Stephen Mbewe, said: “We are very grateful for our two airport cooperation, in the collaboration we have been doing for so many years, we've seen this during the time British Airways used to fly here, Kenya Airways, and now we see it with Qatar and Emirates. We hope the collaboration will go on with several other airlines, but we also have a plea honorable minister. We would like a fifth freedom to do the Lusaka-Harare-Johannesburg route.”
The two states are active members of the Southern African Development Community (SADC), founded in Lusaka, Zambia. SADC countries have substantial travel and trade partnerships, which the airline can leverage to enhance its regional connectivity.
This article was published by Simple Flying.
Invest Africa Concludes Successful Visit to Zambia
On Thursday, the Invest Africa group wrapped up its inaugural Investor & Trade Mission to Zambia: capping off three days of illuminating and exciting discussions between the government and business groups.
Highlights of the trip included a roundtable meeting with President Hakainde Hichilema at State House, as well as a discussion with Bank of Zambia Governor Denny Kalyalya, and a presentation on trade and investment opportunities by Zambia Development Agency (ZDA) Director Albert Halwampa.
Among the businesses represented at the mission were global law firm DLA Piper, German technology and industrials manufacturer Siemens, financial services firm Absa Group, and logistics giant DHL.
ZDA Director Albert Halwampa speaks with delegates from the Invest Africa Trade Mission.
The purpose of the visit was to promote and build connections for potential investment and trade opportunities for foreign companies in Zambia. It follows concerted efforts by the New Dawn government and national agencies to diversify Zambia’s economy and stimulate private sector growth.
Of particular note was a presentation by Technology and Science Minister Felix Mutati, which focused on how technology can help to drive forward Zambia’s economic transformation.
Hon. Mutati highlighted the importance of the digital economy in supporting Zambia’s strategic development objectives. As well as bolstering Zambian infrastructure, he pointed out that digital services such as e-trade and financial technology (FinTech) platforms could help businesses in Zambia to grow more quickly.
The minister highlighted emerging technologies such as Artificial Intelligence as being a real ‘game-changers’ in terms of value addition for businesses. However, he stressed that Zambian citizens were at the heart of the country’s digital transformation and that digital platforms will only succeed if Zambians can see the benefits in adopting them.
Zambia Is Back spokesperson Choolwe Chibomba (left) with Technology Minister Felix Mutati.
The presentation by ZDA Director Albert Halwampa, meanwhile, focused on active opportunities for trade and investment within Zambia. These included the Mulembo-Lelya Hydroelectric Project, which is looking to raise $285 million and will generate 118MW of electricity once completed. The project is currently accepting FDI proposals through either a majority or minority stake, as well as through a joint venture or public-private partnership.
Mr Halwampa also showcased an opportunity for investment at the Shangombo Sugar Project, which requires $522.3 million through a FDI majority stake. The project is located at a Greenfield site in Western Province.
Investors looking to hear more about these or any other opportunities can contact the Zambia Is Back campaign – part of the ZDA – at info@zambiaisback.com
Zambians say their country is a functioning democracy - Afrobarometer
Most Zambians surveyed by Afrobarometer see their country as a "full democracy".
The country has had six presidents following the fall in 1991 of founding president Kenneth Kaunda, who had ruled Zambia for 27 years.
Eight in 10 citizens (80%) consider Zambia “a full democracy” or “a democracy with minor problems”, according to the survey.
The survey also noted that 87% of Zambians in the survey prefer democracy to any other form of government.
Non-democratic alternatives such as one-party rule were also rejected by 87%, while 91% were against military rule and almost everyone surveyed (95%) were against a dictatorship.
Kaunda's reign was broken by Frederick Chiluba, effectively breaking the political dominance of the United National Independence Party (UNIP), which had operated a one-party state from 1973.
Chiluba, under the Movement for Multi-party Democracy (MMD) came in for two terms, followed by his successor Levy Mwanawasa.
Rupiah Banda took over from Mwanawasa, who died in office, but then lost to "The King Cobra" Michael Sata of the Patriotic Front (PF).
Sata also died in office and his deputy Guy Scott led the country for almost three months into the next elections, when Edgar Lungu stood and won as the PF's candidate.
But after one term, Lungu lost to the incumbent Hakainde Hichilema of the United Party for National Development.
A considerable number of Zambians interviewed by Afrobarometer said the country had greatly improved as a democracy.
"Half (50%) of Zambians believe that the country has become 'more democratic' over the past five years, while 21% think democracy has lost ground," the report said.
Hichilema beat Lungu by more than a million votes in what was his sixth attempt at the presidency.
Hichilema's victory was largely credited to the huge turnout by youthful voters.
Zambians believe their country will be a more improved democracy in the next general elections in 2026.
"Nearly six in 10 (57%) believe that in five years’ time, the country will be more democratic than it is today," the survey found.
A leader in democracy
Zambia has emerged as exemplary when it comes to the smooth transition of power in Southern Africa.
Next week the country will be one of the hosts of the Summit for Democracy.
Zambia will join the United States, Costa Rica, the Netherlands, and the Republic of Korea.
According to a statement issued by the US government, the summit will "highlight the many electoral stakeholders contributing to electoral integrity and explore how elections on the African continent have changed in recent years".
Some of the key engagements at the summit will be new approaches and partnerships that strengthen democracy, human rights, and governance.
President of Ukraine, Volodymyr Zelenskyy, will be given a virtual platform and is expected to discuss his vision for a just and lasting peace in Ukraine and rally Africa's support.
This article originally appeared in news24
PWC Delivers Positive Outlook for Zambian Economy
PwC Zambia has predicted a positive outlook for the future of the Zambian economy, highlighting encouraging trends in inward investment and an upcoming boon for the country’s agricultural sector.
Speaking during the firm’s Economic Review of 2022 on Wednesday, PwC’s senior country partner for Zambia Andrew Chibuye and Zanaco chief risk officer Mutisunge Zulu offered a balanced perspective on the challenges which the country has experienced over the last few years, whilst also showcasing the positive impact which the New Dawn government has had on the state of the country’s economy.
Under the previous Patriotic Front government, Zambia was the first COVID-era African nation to default on its debt-repayments, putting the country in a challenging position economically. Nonetheless, under the guidance of President Hichilema and the New Dawn government, economic prospects are improving, with finance Minister Situmbeko Musokotwane hoping for the debt restructuring process to be completed in the next few weeks. Speaking on this, PwC noted that a debt restructure deal is likely to bring about additional investment into the country as the economy continues to stabilise and grow.
Speaking on behalf of Zanaco, Mr Zulu also offered positive news for agriculture within the country. As the Russian war in Ukraine sadly continues, and agricultural exports from Ukraine become increasingly challenging to obtain on the global market, Zambia’s strong agricultural sector has an opportunity to benefit from the gap which the market currently experiences, Zulu highlighted.
The progress of inward invest within Zambia over the past few years painted a similarly pretty picture, with funding rising from just US$0.7 billion in 2018 to US$4.5 billion in 2022. With the exception of the pandemic year of 2020, Zambia is continuing to experience year-on-year growth in its internal investment.
Commenting on these figures, Mr Chibuye observed that “It’s a very positive story, activity is starting to happen and it is only a matter of time before the activity then starts to bear fruit in terms of jobs, more economic activity etc.”.
Around the world, investors are starting to look at Zambia with fresh eyes, with PwC’s positive assessment adding reassurance to those considering making investments within the country.
To watch to the full review, visit: https://fb.watch/jqH45MgU88/.
US Vice President Kamala Harris Visiting Zambia This Month
A White House official press release has announced that Zambia will be one of the nations that U.S. Vice President Kamala Harris and Second Gentleman Douglas Emhoff visit as part of their trip to Africa.
The White House announced that the visit “will build on the recent U.S.-Africa Leaders Summit” at Washington in December 2022, and aims to “strengthen the United States’ partnerships throughout Africa and advance our shared efforts on security and economic prosperity.”
Among the visit’s key goals will be to “expand access to the digital economy, support climate adaptation and resilience, and strengthen business ties and investment, including through innovation, entrepreneurship, and the economic empowerment of women”.
The press statement also confirmed that Vice President Harris will meet with Zambia President Hakainde Hichilema. The pair plan to discuss “regional and global priorities, including our shared commitment to democracy, inclusive and sustainable economic growth, food security, and the effects of Russia’s unprovoked war in Ukraine”.
Also scheduled are a number of meetings with “young leaders, business representatives, entrepreneurs, and members of the African Diaspora”.
The visit will begin on March 25 and end on April 2. Vice President Harris will visit Ghana, Tanzania, and then Zambia.
Invest Africa Leads Trade Mission To Zambia; Meeting With President Hichilema
On the back of past successful investor and trade missions to Tanzania, Ethiopia and Angola, Invest Africa are leading a delegation for an Investment and Trade Mission to Lusaka, Zambia from 20 to 23 March 2023.
The main objective of the Mission is to provide a platform for international and regional investors to meet and engage with senior Zambian government officials, as well as key Zambian investment and trade institutions including the Zambia Development Agency (ZDA) and the Public-Private Dialogue Forum. Meetings will also be held with private sector organisations to promote and build connections for potential investment and trade opportunities.
Invest Africa has assembled a comprehensive agenda to make the trip as valuable as possible. The delegation has been granted an audience with Zambian President, His Excellency Hakainde Hichilema, as well as meetings with with the Central Bank Reserve Governor, the Minister of Industry, Trade and Commerce, the Zambian Development Agency, and other ministries.
The delegation will look to gain more detailed insights into opportunities within Zambia’s key sectors, including agriculture and agribusiness; infrastructure development; mining and minerals; energy and renewables; and travel and tourism. The delegation will also learn about Zambia’s services sector – including ICT, legal and financial services – as well as manufacturing firms, such as engineering, textiles, building materials, food processing, chemicals, and pharmaceuticals.
Zambia’s business environment is going from strength to strength, as investors continue to express renewed confidence in the government’s business-friendly policy reforms. In 2022, the country received a record $8.59 billion in foreign investments and is set to become an even more attractive investment destination in 2023.
Invest Africa CEO, Karen Taylor said, “This Mission to Zambia comes at the right time as we see the government’s efforts to diversify the economy by stimulating private sector growth which is vital to sustained economic growth.”
There are limited spaces still available for international delegates to join this Mission and interested organisations can contact Mission organiser, Farha Musa at Invest Africa.
About Invest Africa
Invest Africa is Africa’s leading international business and investment development platform. With over sixty years of history, our network is made up of more than 400 global organisations, private investors, fund managers, family offices, policy makers and entrepreneurs. Together they share a desire to build opportunity across the African continent. As the trusted entry point into Africa, we support and connect business and investment through a unique range of services and events; from world-leading business conferences and bespoke trade and investment missions to sector specialist event programmes and consultancy projects. Our team comprises leading specialists in international trade and investment promotion, public affairs, conferences and events and business strategy.
Mission Contacts:
Farha Musa – farha.musa@investafrica.com Charlotte Kemp – charlotte.kemp@investafrica.com
Media Contacts:
Choolwe Chibomba – choolwe@zambiaisback.com
Zambia's mining minister expects Mopani Copper Mines deal by end-March
CAPE TOWN, Feb 6 (Reuters) - Mopani Copper Mines will secure a new investor by the end of this quarter, Zambia's mines minister Paul Kabuswe said on Monday, calling the complex owned by state mining investment firm ZCCM-IH a "critical asset" for the country's copperbelt.
There are 10 suitors for the mine and smelter complex, including South Africa-listed mining firm Sibanye-Stillwater and "one or two" Chinese mining firms, Kabuswe said in an interview on the sidelines of the Mining Indaba in Cape Town.
Sibanye CEO Neal Froneman in October told Reuters the company was interested in Mopani.
"There is interest from all over, including the Arab world," Kabuswe said, declining to name any of the other interested parties.
Asked about the competition for African metals and minerals pitting the United States and Europe against China, Kabuswe said Zambia did not differentiate between investors provided they brought value into the country.
"We are dealing with the Arab world, we are dealing with the U.S., we are dealing with China, we are not biased towards anyone," Kabuswe said. "We are friendly to everybody."
Zambia is also aiming for an agreement with Konkola Copper Mines owner Vedanta Resources by the end of the first quarter, Kabuswe said. Zambia last year decided to seek an out-of-court settlement with Vedanta after a lengthy dispute over KCM.
Increasing Zambia's copper production is necessary to reduce the country's debt burden, Kabuswe said, as growth in the mining industry will trigger investment in infrastructure and other sectors.
Zambia has set a goal of increasing copper production to 3 million tonnes a year by 2032. The country is struggling to cut debt after becoming the continent's first COVID-era default in 2020.
Zambia Is Back: Unlocking Zambian Potential In 2023
In 2022, the New Dawn government set out to release supply bottlenecks, remove unnecessary red tape and create an economic environment that nurtures investment and businesses. Following the 2023 budget, it is clear that the upcoming year is going to be monumental for Zambia’s economic recovery, with the rate of GDP growth forecast to increase by nearly 4% and a debt restructuring agreement firmly on the horizon. It has never been a better time to invest in Zambia.
As we look to 2023 one thing is for sure, Zambia’s economy will continue to thrive; blossoming into a new investment hub for Africa. Following years of economic instability and financial hardship, key economic indicators are now painting a positive picture. According to Bloomberg, in December, inflation fell to below 10% for the first time in almost three years and that rate is expected to average out at 8.5% in 2023. This fall in inflation shows that Zambia is not just welcoming investors but has an economy that can support them. Stable and low inflation reduces uncertainty and price distortions creating an environment to nurture investments, ensuring ample returns to businesses. This was highlighted in February last year when S&P Global Ratings improved the country’s credit rating. As a result, the Zambian economy continues to be one of the most economically stable investment environments in southern Africa, instilling confidence in investors around the world.
Outside of these top-level indicators, 2022 was an immensely successful year for foreign investments in key sectors of Zambia’s economy, such as agriculture, mining and tourism. In December, for example, the Radisson Blu hotel group opened a new resort on the banks of the Zambezi – the group’s first ever safari resort in Africa. The new resort will boast luxury rooms which include panoramic views across the Zambezi river.
Radisson Blu Resort Mosi-oa-Tunya — Photo by Radisson Hotel Group
Elsewhere, PHYLA Earth, who use genetically modified seeds to improve crop yield, announced that they will be developing a remarkable orchard in Chingola to combat soil erosion. The programme will see 4,000 Pongamia seedlings be planted near the Konkola Copper Mine. These are expected, once they have grown, flowered and produced seeds, to improve soil fertility in the area. This in turn will support local farming and increase ecological resilience, something that in the face of a climate crisis is of more importance than ever.
Moreover, Zambian Breweries, owned by the multinational giant AB InBev, announced they would be investing $80 million in capital investments to expand their Lusaka factory and create 5,000 jobs. The investment will also target more sustainable means of production, with 90% of the funds dedicated to innovating high-tech equipment to make operations more environmentally friendly. This includes the enlargement of the company’s agriculture out-grower schemes to offer more procurement opportunities to local suppliers.
Zambian Breweries Staff at the Lusaka brewery plant
Perhaps the pinnacle for investments in 2022 was achieved during the US-Africa Leaders’ Summit, when KoBold Metals announced their $150 million pledge to develop the Mingomba copper-cobalt mine. The new project uses cutting-edge AI technology to find new metal deposits; edging Zambia even closer to its copper production target of 3 million tonnes by 2032.
President and Founder of KoBold, Josh Goldman, said that he chose to invest in Zambia due to its economic stability and pro-business policies. He said that Zambia is a “safe and peaceful place where we can hire exceptional people, where the laws support investing for the long term, where we can operate in ways that protect the environment and support local communities and where government supports our investment with actions that are fair, transparent and fast.”
The investment hopes to break into the estimated 247 million tonnes of ore with some of the highest grade of copper found throughout the world. The quality of copper will be vital in providing batteries which can be used in renewable energy and electric vehicles. It is estimated that the global copper industry will need $100 billion worth of investment to meet its current demand by 2030. This presents a key opportunity for Zambia to enable mining profits as well as power inclusive growth.
These investments as a whole will have a multitude of positive multiplier effects on almost all aspects of Zambia economy, leading to more benefits to Zambians. Through the New Dawn government’s reformed tax system, the more companies that invest into Zambia the more revenue that can be collected. As this increases more government spending can be allocated towards infrastructure such as roads, healthcare and schools.
Outside of increased government revenue, high levels of international and domestic investment will see business capacity increase, resulting in higher employment opportunities, arming Zambians throughout the country with high-quality working prospects.
The US-Africa Leaders’ Summit also represented a pivotal moment for African leaders to meet and discuss global issues. Speaking about the KoBold investment, President Hakainde Hichilema made it clear that international cooperation is key as the world faces a myriad of uncertainties. “This investment today is not [just] about Kobold and ZCCM, it’s not about Zambia,” he said. “It’s about all these and the rest of the world as we grapple with climate change issues, as we grapple with replacing climate damaging fuels with green fuels, and therefore electric vehicles, very, very important to us.”
President Hakainde Hichilema, pictured at the summit alongside U.S. Secretary of State Anthony Blinken
Looking ahead to 2023, the World Economic Forum meets in Davos this week, presenting Zambia with another opportunity to market itself on the world stage. The event will host over 2,700 leaders from government, business and civil society, meeting to discuss topics, ranging from agriculture to the conflict in Ukraine, to digital infrastructure.
Zambia will be represented by Finance Minister Situmbeko Musokotwane, who will be looking to advance relationships with international partners, as well as representatives from the private sector to further boost sustainable investment into Zambia and advance our country’s reputation as a premier location to do business on the African continent. Last week, the World Economic Forum published an article outlining that even in the face of global economic uncertainty more businesses than ever are looking to emerging economies, such as Zambia, to meet their ambitious business plans. This is exactly why Zambia should be putting itself in front and centre to welcome more foreign investments, leading to tangible benefits for Zambians throughout the country.
Promoting investment is key to the work we do at Zambia Is Back. We work alongside the New Dawn government and the Zambia Development Agency to connect Zambian businesses with investors from around the world to make it easier than ever to do business in Zambia.
Now is the time to invest in our nation and we are excited to meet with more businesses to unlock Zambia’s potential. This year marks a new chapter in Zambia’s history and we are looking forward to seeing what is in store for businesses over the next few months and helping to coordinate investments that promote all aspects of our economy and its communities.
Zambia’s Role in the Green Energy Transition
Zambia is well positioned to provide the world with the minerals it needs to transition to renewable energy.
With its significant reserves of copper and cobalt, metals that are fundamental to the transition away from fossil fuel reliance, it has the potential to provide global supply chains with crucial components for years to come.
These minerals are used not only in wind and solar powered technology, but are also fundamental to the production of batteries used in electric vehicle production.
Transitioning to electric vehicles and increased energy supply via renewable sources is fundamental to the shared global commitment to keep global warming below 1.5 degrees. In the words of the United Nation’s Net Zero Coalition “replacing polluting coal, gas and oil-fired power with energy from renewable sources, such as wind or solar, would dramatically reduce carbon emissions.”
Consequently, according to the International Energy Agency, Copper demand is expected to three times its current level by 2040, while cobalt demand is expected to rise more than twenty times.
Zambia accounts for 6% of the world’s copper reserves. It produces 850,000 tonnes of copper annually, making it the world’s 7th largest producer but with government focus and foreign investment this is expected to rise significantly.
Canadian firm First Quantum Minerals (FQM) have committed to a $1.25 billion dollar investment into the Kansanshi copper mine as a reflection of their “renewed confidence” in Zambia’s investment climate. The investment is designed to expand the mine and seize the opportunity rising international demand presents.
President Hichilema is keen to see Zambia meet the global rising demand in order to spur economic growth. A key part of the UPND’s growth strategy, designed to steer the country into a period of middle income prosperity following the instability of the Lungu years, is the commitment to increase copper production more than three times over.
By 2030, it is hoped Zambia will produce 3 million tonnes of copper a year – that represents an impressive 352% increase in production on a commodity that already accounts for 80% of the country’s export earnings.
Copper is critical for solar PV, wind, hydro, electric vehicles and national electricity grids, there are few metals more fundamental to a green transition. Zambia is placed in an extraordinary position to spur its own economic take-off and to foster a status as a crucial player in the fight against climate change.
This is why during December’s US Africa leaders’ summit, held in Washington, D.C. leaders from Zambia, the Democratic Republic of Congo, and the US signed a memorandum of understanding to develop an electric vehicles battery chain.
It is also why US-based firm KoBold Metals have announced a $150 million development into the Mingomba copper-cobalt mine in the country. The Bill Gates backed startup aims to use artificial intelligence to create a map of the Earth’s crust, identifying areas with the highest concentration of cobalt and copper deposits in order to locate minerals overlooked by traditional exploration as the earth’s most accessible minerals have increasingly already been mined. The company’s CEO is absolute: he does not see KoBold as a mining operator but a leader in the “electric vehicle revolution.”
Because copper is a highly efficient conductor, it is used in electric cabling and its efficiency reduces wastage. It is also one of few materials that can be used again and again without a loss in performance. Copper plays an important role in making energy production as efficient as possible with minimal impact on the environment.
Traditionally, Zambian government have sought to extract the greatest possible tax value from the mining industry. However, the New Dawn government have reduced the tax payable on new mines in order to encourage further exploration, induce investment, and create the greatest possible economic gain for the entire Zambian economy, not just the government’s coffers.
In this new climate, mining giant Barrick Gold has recently announced record yields from its Lumwana copper mine. Crucially for Zambia’s future, the company’s presence in the country has benefits beyond corporate and treasury income. Barrick Gold employ more than 4,000 people in the country, 99.3% of those are Zambian nations benefitting from the firm’s employment. It has been estimated that when royalties, taxes and local employment are combined, the firm have contributed $8.2 billion to the country’s economy.
In the past, Zambia has not taken full advantage during copper booms. From 2003 to 2006 the price of copper tripled, Zambia’s economic growth rate also grew, but poverty and income inequality remained unaffected.
Without integrating the benefits of foreign investment into the broader economy, Zambia could once again fail to capitalise on the opportunities presented by its extraordinary natural resources. By encouraging foreign firms to employ Zambia workers in the mine, in catering, housing, security, and to executive positions within local structures.
As optimism grows that Zambia can play a leading role in a transformed world, there is hope that President Hichilema can create meaningful change for Zambians.
PE-Backed Firm Helps Zambia Become Africa’s Top Stock Performer
Bloomberg, January 3, 2023
Copperbelt accounted for majority of the Zambian index’s gains
Lusaka’s benchmark index has jumped 12% in dollar terms
A rally in Copperbelt Energy Corp. helped Zambia’s benchmark stock index become Africa’s best performer this year.
The 22-member Lusaka Securities Exchange All Share Index climbed almost 12% in dollar terms in 2022, its second straight year of gains. Copperbelt, which supplies power to mining companies in Africa’s second-biggest copper producer, contributed most to the index’s advance.
Local investors piled into the power supplier’s stock after the government of President Hakainde Hichilema, who was elected in August last year, helped resolve a dispute the company had with the previous administration. The gains in the company’s shares may continue next year, according to Charles Mate, founder of Stockbrokers Zambia Ltd.
“What we have seen really is a resurgence in terms of investor interest, especially from the domestic market,” Mate said. “This stock still has significant upside.”
Lusaka Securities Exchange performance since January 2020, via https://luse.co.zm/
Copperbelt, which is more than a third owned by private equity firm Affirma Capital Singapore Pte, since 2020 was locked in legal wrangle with the government. The disagreement began dissipating in January.
With a trailing price-to-earnings ratio of about five times, Copperbelt Energy is still undervalued, said Mate, who helped set up the local stock exchange in 1994 and was its first general manager.
By Matthew Hill
‘Momentous’ Day for Zambia as US-Africa Summit Draws to a Close
As the US-Africa Leader’s Summit draws to a close, President Hichilema has praised “a momentous day for the people of Zambia” as the U.S. company KoBold Metals announced a $150 million dollar (K2,654,442,000) investment to explore and develop Zambia’s Mingomba Copper Mine.
This exciting partnership is set to create jobs for Zambian citizens whilst reinvigorating an underutilised national asset. The deal constitutes part of a highly successful trip that included numerous partnerships, public talks, and a meeting with the President of the United States, Joe Biden.
The trip represents an important step in strengthening Zambia’s economic outlook and amplifying its international reputation as promised during the 2021 election campaign. President Hichilema has utilised the newly agreed IMF Extended Credit Facility to drive foreign investment, foster macroeconomic growth, and more than half the rate of inflation since coming to power.
Zambia’s newest investor, KoBold Metals, is seeking to generate a return on their investment by developing the underutilised copper deposit at Lubambe Copper Mine. Under the terms of the agreement, KoBold will pay EMR Capital, the 80% shareholder of the Lubambe Mine, $115 million to develop the existing mine whilst acquiring a majority stake in the Mingomba copper deposit. Backed by Bill Gates’s Breakthrough Energy Ventures, KoBold seek to use artificial intelligence to responsibly mine for the rare earth metals that are central to the construction of electric vehicles and smartphone technology.
Hichilema speaks at the U.S. Africa Business Forum following the announcement of KoBold Metal’s historic investment. Image via Twitter (@usembassyzambia)
Mingomba represents KoBold’s largest investment yet, estimated to contain over 9 million metric tons of copper. However, as yet it has not been determined where the mineral resources end on this site. It is hoped new technology will help answer this question. As global concerns grow over the scarcity of rare earth metals, the firm seeks to use AI to guide where to procure land, what data to collect, and where to drill in order to find the precious commodities hidden further under the earth’s surface.
“Converted to copper contained in electric vehicles, it’s like 100 million electric vehicles [contained within the mine],” according to KoBold’s President, Josh Goldman.
Speaking in Washington on Wednesday, President Hichilema emphasised that to meet the country’s growth ambitions “new ideas, and new technology” must be utilised. President Hichilema has repeatedly stated his ambition to more than triple Zambia’s annual copper production to 3 million metric tons. Utilising AI to get the most out of dormant or under-utilised sites such as this can unlock one of the highest-grade copper resources in the world. Initial discoveries were first made at the two sites in the 1920s but as mapping technology improves, its true potential is increasingly unveiled.
Michael Gonzales, U.S. ambassador to Zambia, told the press that the deal “sends a powerful signal that the U.S. and its allies can and will compete successfully for the minerals and resources that will power the global clean energy transition.”
The deposits are located in the rich Central African Copperbelt, the same area in which the Kansanshi copper mine is located. Earlier in the year, First Quantum Minerals Ltd. approved a $1.25 billion project to extend mining operations at Kansashi. Zambia and the Democratic Republic of the Congo recently signed a Memorandum of Understanding in which the U.S. will support the two countries in further developing an electric vehicle value chain. Such extensions will prove vital in the realisation of the goals set out in the memorandum.
Zambia and the DRC sign an MoU on electric vehicle value chains at this week’s summit. Image via Twitter (@HonKakubo1)
Speaking recently at the 5th Annual Corporates and Diplomats Gala in Lusaka, the U.S. ambassador praised the “excellent strategies and policies” being implemented by the government. “If the government is going to continue implementing these strategies, the country will go far in terms of development.”
The Government of Zambia has made particular efforts to induce foreign direct investment through its recently launched Zambia is Back campaign. The campaign seeks to help companies and financiers work alongside the government and to connect them with local private sector partners to foster growth. Tax concessions have also been introduced for 2023 in the manufacturing, tourism, and green energy sectors with a view to maintaining 4% year-on-year growth and achieving middle-income status by 2030.
Owing to its young, growing populations and the rich deposits of rare earth minerals that are set to prove so vital to the future of electric cars and smartphone technology. In this context, President Biden is courting African leaders for their friendship and support. Sites contained within the Central African Copperbelt have world-leading deposits of cobalt and lithium which are vital in the Sino-American competition to lead innovations in next-generation computing and decarbonisation.
The Biden administration is now openly supporting proposals to include the African Union (AU) in the G20. This is a clear move to recognise the importance of the continent and suit its leaders. Such a move would make the AU the second regional body recognised by the forum for economic cooperation after the European Union. The group already accounts for 85% of global GDP, and 65% of the world’s population. The inclusion of African nations would further bolster the global standing of the group whilst increasing the ability of African nations to determine the global political and economic agenda.
President Hichilema meets Joe Biden, President of the United States of America, and First Lady Jill Biden. Image via Twitter (@HHichilema)
President Biden has also raised the prospect of expanding the UN Security Council to include permanent representation for Africa. The move may be unpopular in some circles as ultimately expansion is dilution within the Council, but Biden is seeking an era of more equitable partnerships between African nations and foreign powers. Just last week, Judd Devermont, senior director for African Affairs at the National Security Council commented that “it’s past time Africa has permanent seats at the table in international organisations and initiatives… we need more African voices in international conversations that concern the global economy, democracy and governance, climate change, health and security.”
In a further deal sealed at the summit, Zambia will be partnering with USAID through the Prosper Africa Initiative to address the global food security crisis. Highlighting the impact of the war in Ukraine in exacerbating global shortages, USAID has pledged to match private sector investment 1:1 to magnify the impact food security initiatives can have on the continent. The partnership between Africa Global Schaffer, Bechtel, and the Export Trading Group will begin in Zambia by building green, Smart Integrated District Aggregation Centers to improve the production and efficiency of maize – a crop that commonly experiences high post-harvest losses. The partners will utilise equipment to protect post-harvest crops whilst the centers will be designed to connect sellers with buyers at key points along vital East African trade routes. One-third of these centers will be run by female smallholder farmers. Eliminating post-harvest maize loss has the potential to provide over 1.5 million Zambians with their necessary daily calorie requirements and improve nutritional outcomes.
Hichilema meets Senator Menendez the chairman of the Senate Foreign Relations Committee. Image via Twitter (@SFRCdems)
President Hichilema has been striving to increase Zambia’s global voice during his visit to Washington. Beyond the US-Africa leaders’ summit, he has attended the Civil Society Forum, and was hosted by the Senate Foreign Relations Committee. The committee, via Twitter noted how they “deeply appreciated the opportunity to speak about our shared commitment to strengthen Zambia’s democratic institutions and to pursue future economic prosperity and broader regional security.”
The summit has been received warmly on both sides of the Atlantic. An impressive $15 billion dollars of two-way trade and investment deals were concluded over the course of the summit. In his closing remarks Biden emphasised he has “known for a long time that Africa’s success and prosperity is essential to ensuring a better future for all of us, not just for Africa.”
Hichilema Flies to Washington to Attend US-Africa Leader’s Summit
President Hichilema has flown to Washington D.C., in order to attend the US-Africa Leader’s Summit set to begin tomorrow. The three-day event will see leaders across the continent meet with President Biden and his advisors in order to discuss bilateral relations.
On his departure yesterday the President tweeted his excitement to be participating in the summit.
A statement from the Ministry of Foreign Affairs and International Cooperation explained that “President Hichilema and other Heads of State and Government are expected to deliberate on opportunities for public-private partnerships; bolstering the US-Africa economic relationship; access to capital; food insecurity, and promoting sustainable economic growth and development.”
Zambia already has a strong relationship with the United States. The U.S. Ambassador to Zambia recently praised the “excellent strategies and policies” being implemented by President Hichilema. Further, the U.S. Government run development agency, USAID, recently launched two business and trade development projects, with a combined budget of $54 million USD in order to further improve the business environment and promote opportunities for women and youth.
The Hichilema administration, however, still wishes to use the summit as an opportunity to further develop US-Zambia relations. To that end the president will be appearing at the US-Africa Business Forum, the Civil Society Forum, the Conservation, Climate Adaptation and Just Energy Transition Forum, and the Council on Foreign Relations.
The president has repeatedly emphasised that the first year of his administration was for stabilising the economic chaos left behind by former President Lungu, and that the second year of his administration is set on unlocking the potential of the Zambian economy.
There is much anticipation surrounding the meeting, with commentators speculating that this year’s summit may redefine the USA’s relationship with the African continent. Over 50 heads of state are expected to be present at the summit and it is hoped relations will improve after former president Trump spurned African leaders by failing to host a second summit following Obama’s 2014 effort.
Since June 2019, the US government has helped close more than 800 two-way trade and investment deals across 45 African countries, worth an estimated $50 billion in exports and investments. With many African nations seeking investment as a result of post-pandemic global economic stagnation, and the Biden administration’s increasing use of the language of “collaboration” above the historic power imbalances that have defined rhetoric and reality, there is hope the U.S. will start seeing Africa as an ally and partner.
In July, President Biden said the agenda of this year’s summit will be to “build on our shared values to better foster new economic engagement; reinforce the US-Africa commitment to democracy and human rights; mitigate the impact of covid-19 and of future pandemics; work collaboratively to strengthen regional and global health; promote food security; advance peace and security; respond to the climate crisis; and amplify diaspora ties.” This is a long list but officials are optimistic this year’s summit could bring positive change.
AfriLabs: The Annual Gathering Bringing Innovation to Zambia
As the Government of Zambia strives to transform Zambia’s digital and technological space, AfriLabs seeks to connect remarkable businesses in Zambia to an extraordinary network of supportive innovators across the continent.
AfriLabs is a networking organisation that have been supporting innovation on the continent since 2011. AfriLabs’ 2022 Annual Gathering was held this year in Zambia’s capital, Lusaka from in October. This year they celebrated “Intra-African Connectivity, Collaboration and Innovation” during an event billed as the largest convention of African innovation leaders on the continent.
400 visitors from 52 foreign nations, in addition to 3000 virtual participants, came together to celebrate technological innovation in Zambia and Africa.
One AfriLabs member in particular is targeting digital transformation in Zambia. Ehub Zambia act as a technological centre who aim to improve digital competence for people from marginalised communities. Specifically, they aim to teach coding for those in peri-urban and rural communities up to a job entry level ability.
Ehub Zambia believe this technology competence is important not just for the youth’s future, but for the country as a whole. Improving digital skills facilitates the increased integration of Zambia into global financial markets, while increased access to the internet allows SMEs to operate take advantage of international export opportunities. By upskilling these peri-urban and rural communities Ehub Zambia hope to diversify the job opportunities available to those in often marginalised communities.
The new Ministry of Technology and Science is dedicated to transforming the digital economy. They work closely with private sector partners to improve access to and utilisation of digital technologies.
For example, at the end of November the ministry celebrated the establishment of the first 5G network in the country. Felix Mutati, the minister for technology and science, emphasised this as a crucial step in the country’s digital transformation agenda.
Speaking at the network’s launch, the Minister also told the press that the Hichilema administration is also working on a new start-up bill to improve access to funding for new enterprises. This will be welcome news for Madica – another impressive attendee of this year’s Lusaka AfriLabs gathering.
Madica, short for “Made in Africa”, is a young pre-seed investment programme aiming to support under-funded African entrepreneurs through both direct financial investment and, in partnership with companies such as Ehub Zambia and the government of Zambia, is hoping to upskill and increase the network of poorly connected African entrepreneurs
Over the next three years Madica seek to support 25 to 30 African entrepreneurs with up to $200,000 in funding and significant programmatic support. They aim to support bright ideas with little infrastructural support. This is why $6 million dollars of their funding is being held back for programmatic support. Through hands-on support from their team of mentors, plus connections to continent-wide networks through AfriLabs, their goal is to see African start-ups flourish.
Emmanuel Adeboye, head of Madica, explains that although he believes “Africans have an unmatched entrepreneurial spirit”, they’re disadvantaged in the start-up space. African CEOs raise on average 28% less funding than their foreign educated counterparts, whilst funding in Africa is disproportionately swayed towards male CEOs.
“We hope that Madica can help change the narrative around African start-ups – lower the perception of risk, attract more capital, inspire more founders, and garner more media attention”, commented one Madica executive.
Since 2021, Zambia has received an extraordinary amount of investment in order to stimulate its economy. For example, in Q3 of this year, Zambia received $1.1 billion in future investment pledges expected to create over 8,000 jobs. However, much of this funding has come from abroad.
Madica wish to foster the “innate ability of Africa to build Africa” through supportive pan-African networks and investment programmes. Speaking ahead of the conference, Mutatu expressed his excitement at the opportunity “for Zambia to show more of its potential as a leader in entrepreneurship and innovation in the Southern African region.” He spoke in agreement with the directors of AfriLabs and Madica in saying that “if we are to make progress as an African continent, the doors must be open to each other.”
With the government of Zambia seeking to foster partnerships with the private sector in order to accelerate the nation’s digital transformation, and organisations such as AfriLabs actively enhancing connectivity and engendering rapid sector growth, now is a decisive and opportune time to invest in the nation’s potential.
First Quantum to pay ZCCM-IH in revenue royalty following Zambia tax change
FIRST Quantum Minerals has agreed to convert dividends from its Zambian copper mine Kansanshi to a revenue royalty, the Canadian firm said today.
The agreement follows fiscal changes implemented by Zambian president Hakainde Hichilema shortly after his election in 2021 in which royalties were made tax deductible.
In terms of the agreement, Zambia’s government-controlled ZCCM-IH will receive 3.1% in a revenue royalty from the mine which is forecast to produce between 140,000 and 150,000 tons for the financial year ended December 31.
First Quantum said ZCCM-IH would continue to be represented on the Kansanshi Mining board to “ensure full visibility and transparency in respect to KMP’s future operations”.
“We are pleased to enter into this new arrangement for the benefits flowing from the Kansanshi mine,” said Tristan Pascall, CEO of First Quantum in a statement today.
The royalty-for-dividends agreement comes ahead of the proposed $1.25bn expansion of Solwezi section, known as the S3 project, at Kansanshi. This was announced in May when a total of $1.35bn in projects for Zambia were unveiled including the final $100m installment on its $250m Enterprise nickel project in Kalumbila.
“We look forward to continuing the collaborative relationship with ZCCM-IH as we advance KMP,” said Pascall.
The agreement with the ZCCM-IH is further evidence of a thawing of relations between First Quantum and the Zambian government following Hichilema’s election. Two months after his election he reformed the country’s tax regulations in its national budget.
The S3 project will extend the life of Kansanshi until the 2040s, and increase copper and gold production by around 25%. The project will also add approximately 800 permanent jobs, and a further 1,800 during the construction phase.
“Crucially, it also safeguards the futures of the 8,500 people already employed at Kansanshi,” First Quantum said earlier this year.
The Enterprise mine will produce some 10,000 tons of nickel concentrate a year. According to First Quantum it will make Zambia a “pre-eminent nickel producer” supplying manufacturers of batteries for electric vehicles. The mine is expected to be operational within 12 months’ time and employ about 700 full time staff.
This article originally appeared in Miningmx
Celebrating 25 Years of Chinese Banking in Zambia
Last Friday (November 25), the Bank of China celebrated 25 years of banking in Zambia. At a special event held in the country’s capital, Lusaka, the bank’s Managing Director, Wang Qi, the Chinese Ambassador to Zambia, Du Xiaohui, the Bank of Zambia’s Deputy Governor, Francis Chipomo, and the Minister of Finance and National Planning, Situmbeko Musokotwane came together to celebrate the continuing partnership between the two countries.
Mr Qi expressed his pride at the Bank’s long service to the people of Zambia and went on to pledge the Bank’s ardent support to the country’s economic development.
“The fact that a Chinese financial institution has taken root, grown and thrived in Zambia shows that the Chinese government and Chinese financial institutions have been bullish on Zambia’s good business environment and broad development opportunities,” commented the Chinese Ambassador, Du Xiaohui.
The Bank of China estimate they have provided $3 billion in economic development stimulus and contributed $44 million in tax revenue to Zambia.
Partnerships between the two countries continue to grow. More than 60 Zambian companies have established connections with Chinese partners since the arrival of the Bank of Zambia. To foster these ties, more than 40 Zambian companies participated in this year’s China International Import Exposition.
The exposition, which is held yearly in Shanghai, is estimated 150,000 domestic and foreign professional purchasers attend the event. As of 2018, bilateral trade between the two countries topped $5 billion, 80% of which is Zambian exports to China. Much of this trade is focused on the country’s copper production. Despite already being the second largest copper producer in Africa, President Hichilema has committed to growing the industry further, doubling production between 2026 and 2032 to 3 million metric tonnes.
The two countries are also cooperating in the technology sector. Last week, it was announced telecommunications firm MTN, in partnership with Chinese company Huawei, would be launching a 5G network in Zambia. The network is hoped to service 65% of the populations of Lusaka, Kitwe and Ndola in addition to parts of Chingola, Solwezi and Kalumbila. The government is hoping to reach 100% internet connectivity by 2024.
Mr Qi praised the Bank of China as a bridge that facilitates exchanges between the two countries. Zambia was, in fact, the first African nation the Bank of China established itself in and since then the nation has become China’s second largest trade partner on the continent.
Musokotwane, Minister of Finance and National Planning, spoke at the celebration and praised the Bank for its role in support economic development on the continent. He added that the New Dawn administration hopes to do everything in its power to strengthen its relationship with China.
The government is attempting a rapid economic transformation to become a middle income country by 2030, just a decade after former president Lungu’s mismanagement sent the country into default. Noting China’s economic explosion in the late 20th century, Musokotwane commented that he could learn many lessons from China’s rapid development.
Speaking on Wednesday, Musokotwane confirmed the two countries were in “active engagement” over the restructuring of Zambia’s debts to Chinese creditors. Renegotiations are ongoing, but with the Bank of China’s presence and the impressive foreign investment pledges recently reported by the Zambia Development Agency, it is hoped the China-Zambia relationship will grow and Zambia will take a more prominent place on the global economic stage in the years to come.
Thinking of investing in Zambia’s banking sector? Sign up for our investor briefing or get in touch at info@zambiaisback.com
Joint Statement Between Costa Rica, the Netherlands, the Republic of Korea, the Republic of Zambia, and the United States on the Announcement of the Second Summit for Democracy
The White House Press Office, November 30, 2022
Today, we the governments of Costa Rica, the Netherlands, the Republic of Korea, the Republic of Zambia, and the United States are pleased to announce that our leaders will co-host the second Summit for Democracy on March 29-30, 2023.
Building on the first Summit for Democracy held in December 2021, this gathering will demonstrate how democracies deliver for their citizens and are best equipped to address the world’s most pressing challenges.
We are living through an era defined by challenges to accountable and transparent governance. From wars of aggression to changes in climate, societal mistrust and technological transformation, it could not be clearer that all around the world, democracy needs champions at all levels. Together with other invitees to the second Summit, we look forward to taking up this call, and demonstrating how transparent, accountable governance remains the best way to deliver lasting prosperity, peace, and justice.
The second Summit for Democracy will assemble world leaders in a virtual, plenary format, followed by hybrid gatherings in each of our countries with representatives from government, civil society, and the private sector. Together, we will showcase progress made by Summit partners on commitments during the Year of Action, and will reaffirm the vitality of the democratic model and collective action to meet the unprecedented challenges of our time.
We look forward to another successful Summit, and accelerating concrete action toward democratic renewal.
USAID Launch Business and Trade Development Projects in Zambia
The Zambian Minister of Finance and the U.S. Ambassador to Zambia have announced the launch of two economic development projects known as the USAID Business Enabling Project and the USAID Trade Boost.
The $24 million dollar (K233 million) Business Enabling Project is being funded by the U.S. government. According to a statement by USAID, “the project will support the development of an enabling environment that incentivises investments in trade, agriculture, energy, eco-tourism, and sustainable natural resource management.” USAID wish to make small improvements to business owners’ perceptions of the regulatory and investment environment in the country. The programme also hopes to strengthen policy-making alongside the Zambian government through linkages with select civil society organisations in order to promote economically viable and gender-balanced rural enterprises.
This project will work alongside existing government projects to strengthen smallholder farmers. In September, the government confirmed the reform of their agricultural support into the new Comprehensive Agricultural Support Programme. From 2023 the Zambian government is aiming to increase the number of extension support officers, extend the reach of irrigation channels, and facilitate greater access to finance. The Business Enabling Project will support these efforts.
The USAID Trade Boost is set to invest $30 million dollars (K500 million) through the Prosper Africa ‘Africa Trade and Investment Programme’. The aim of the programme is to boost trade and investment through climate-friendly economic approaches. Prosper Africa is a U.S. Government initiative to bring U.S. companies into African markets – the Boost will prioritise co-investment with the private sector to produce inclusive growth. Through the Public-Private Dialogue Forum, the Zambian government hope to encourage structured, participatory, and inclusive public-private sector cooperation in order to stimulate the Zambian economy with the goal of reaching middle-income status by 2030.
U.S. Ambassador Michael Gonzales told attendees at the launch event that by making it easier to do business in Zambia “these projects will help Zambian businesses to produce more, create jobs, and provide a broader variety of healthy food options in markets.”
Zambia is actively seeking cooperative partnerships with international organisations and civil society groups. Indeed, this week a delegation from Zambia met with representatives in Berlin to discuss the future of development cooperation between Zambia and Germany. The German delegation spoke positively about President Hichilema’s attempts to improve accountability and transparency in the country, two vital aspects of a strong investor climate.
It is hoped the U.S.-led projects will boost agricultural production and exports within Zambia in order to both alleviate the food crises in neighbouring countries, brought about by Russia’s invasion of Ukraine, and stimulate Zambia’s economy as President Hichilema and his administration continue to strive to meet the goals of the Eighth National Development Plan. USAID is hoping for the projects, in conjunction with existing programmes, to create an economic environment in Zambia capable of addressing problems and generating growth across agriculture, clean energy, and eco-tourism whilst creating equitable opportunities for women and youth through increased access to capital.
Zambia Economic Growth Forum 2022
International Growth Centre, November 28, 2022
The International Growth Centre (IGC) hosts the Zambia Economic Growth Forum 2022 (EGF) in partnership with the Government of Zambia by convening senior political and departmental leadership, researchers, and development partners to discuss the barriers to economic growth, identify opportunities for reform, and encourage research-policy collaboration.
His Excellency President Hakainde Hichilema delivers the keynote. IGC also invites ministers, senior departmental leadership, diplomats, and members of civil society to join the conversation. Partners from outside of Zambia, including Ethiopia and Kenya, also join to share cross-country experiences in key areas.
The EGF also aligns with the re-establishment of IGC’s resident country program in Zambia.
Please download the programme here for more information.
Zambia Attracts 1.1 bln USD Investment Pledges in Q3
Xinhua, November 1, 2022
LUSAKA, Oct. 31 (Xinhua) -- Zambia recorded 1.1 billion U.S. dollars worth of investment pledges in the third quarter of 2022 on account of a stable macroeconomic environment, its investment agency said on Monday.
The Zambia Development Agency (ZDA) said the pledges recorded were an increase compared to 631 million dollars worth of investment recorded during the same period last year.
The investments were expected to create about 8,307 jobs.
Albert Halwampa, the acting director-general of the ZDA, told reporters during a briefing that the manufacturing sector had the highest investment pledges recorded of 396 million dollars, while other pledged investments were in energy, construction, transport and services, among others.
"We are at a stage where investor confidence is at its highest level because of macroeconomic stability. Zambia has become stable in terms of macroeconomic fundamentals," he said.
‘ZAMBIA IS BACK’ INVESTMENT PROMOTION CAMPAIGN LAUNCHES
The new initiative seeks to promote and facilitate additional investment into Zambia, which has introduced a raft of pro-business measures and incentives since the election of President Hakainde Hichilema in August 2021.
Lusaka, 31 October 2022 - The ‘Zambia is Back’ campaign has officially launched in support of Government efforts to market the country to investors. The campaign aims to attract businesses interested in priority sectors, which are expected to drive economic growth and job creation under the New Dawn Administration.
Through a combination of digital platforms, in-person engagements and investor briefings the campaign seeks to inform investors about recent changes in Zambia’s business environment and champion its unique advantages.
Among the industries to be prioritised are agriculture, manufacturing, mining, ICT and energy.
Speaking on the launch ‘Zambia is Back’ spokesperson Choolwe Chibomba said, “We all know that Zambia has a lot to offer in terms of natural resources; a young, driven workforce; political stability and preferential trade ties. Through the Zambia is Back campaign, we will work to showcase the best of what our country has to offer, as well as provide practical insights and directions on how to invest in the country.”
The ‘Zambia is Back’ campaign is the latest initiative from the New Dawn government to drive economic growth within the country. Commenting on the launch of the campaign, Trade Minister Chipoka Mulenga said the government was delighted with efforts to promote investment in Zambia.
“This campaign is a key pillar in our efforts to restore Zambia’s economic reputation and channel investment into productive sectors that can deliver mutual benefits for businesses and citizens. Ensuring that Zambia has an attractive and competitive environment for business is essential for delivering on our potential as a nation and ensuring that citizens have job opportunities and better living standards.”
Recent pro-investment measures introduced by the government include revisions to the mining royalty rate regime, reform of support to the agriculture sector and targeted tax concessions in manufacturing, as well as waived visa fees from various countries.
More information on the campaign is available at zambiaisback.com. You can follow the campaign on social media: Twitter (@ZambiaIsBack), Facebook (@zambiaisback), and Instagram (zambia_isback).
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