HH in Berlin for the 5th G20 Compact with Africa conference

By NATION REPORTER

PRESIDENT Hakainde Hichilema is in Berlin, Germany for the 5th G20 Compact with Africa (CwA) conference where Zambia has been invited for the first time owing to the country’s recent economic transformation reform agenda.

The primary objective of the CwA is to increase the attractiveness of private investment through substantial improvements in the macro, business, and financing frameworks.     

The CwA has brought together reform-minded African countries, international organizations, and bilateral partners from G20 and beyond to coordinate country-specific reform agendas, support policy measures, and advertise investment opportunities to private investors.

State House Chief Communications Specialist, Clayson Hamasaka said in a statement yesterday that President Hichilema arrived in Berlin at the invitation of the Federal Republic of Germany Chancellor, Mr. Olaf Scholz.

Mr Hamasaka said the visit to Berlin was in line with President Hichilema’s ongoing pursuit of economic diplomacy, aimed at attracting trade and investment opportunities for Zambian citizens as part of his economic policy reform agenda.

“Since its launch in 2017 under the German G20 Presidency, the CwA has garnered significant interest, with 13 African countries already signed up, among them leading economies such as Rwanda, Ghana, and Egypt. Zambia is being invited for the first time, owing to its recent economic transformation reform agenda, and has expressed interest in joining the CwA initiative.”

“President Hichilema and his government firmly believe that, instead of relying on debt acquisition for capital, the country’s abundant natural resources, youthful and energetic population, and stable political climate can attract private investment, fostering sustainable economic development. The G20 Compact with Africa (CwA), therefore, provides a significant opportunity for Zambia to attract private investment, including in infrastructure,” Mr Hamasaka said.

He said President Hichilema and the UPND government were of the firm belief that, instead of relying on debt acquisition for capital, the country’s abundant natural resources, youthful and energetic population, and stable political climate could attract private investment, fostering sustainable economic development.

“The G20 Compact with Africa (CwA), therefore, provides a significant opportunity for Zambia to attract private investment, including in infrastructure,” Mr Hamasaka said.

Mr Hamasaka said the key aspect of the CwA initiative is based on the premise that economic progress can be achieved through country-specific programs, rather than generic cases drawn from elsewhere.

He said Mr Hichilema emphasises that the Compact is about African ownership, not external prescription, therefore, Compact Countries must take ownership of the processes in cooperation with international organizations and bilateral partners, developing tailor-made economic measures that are attractive to investors.

Mr Hamasaka said Mr Hichilema is expected to hold bilateral talks with the Germany Chancellor Mr Olaf Scholz, the World Bank President Mr. Ajay Banga and hold engagements with actors in key economic sectors including the Association of Small and Medium-Sized Enterprises, Mittelstand-BVMW on the sideline of the conference.