President Hakainde Hichilema is right that the country needs increased trade and investment to develop.
And for this to be a reality, there must be economic diplomacy to market the business opportunities available.
With the country’s external debt having ballooned to a staggering US$13.96 billion, this is the more reason why there should be an aggressive drive to woo investors and boost foreign trade.
Only with increased foreign exchange earnings could the country be assured of settling this crippling foreign debt that hinders development.
Thus, the goodwill that the country has continued to attract must be interpreted into increased investment and trade.
We are glad that President Hichilema’s outing to Europe, primarily for yesterday’s coronation of King Charles III, includes investment-related engagements.
“This trip is not just about attending the coronation, this trip is more anchored on increased trade investment. Without trade and investment, no country can develop,” said Mr Hichilema before he left for the UK.
Already, the ninth annual Africa Debate forum Invest Africa is set to host a Zambia Investor Forum with President Hichilema and his team on Tuesday in London to highlight the country’s priorities and areas of opportunity for investment.
This follows a successful Invest Africa Trade Mission to the country earlier this year, according to a statement issued from the organisers.
“The half-day forum will provide an opportunity for President Hichilema to reinforce the message that Zambia is “open for business” and highlight the country’s priorities and areas of opportunity for investment.
This will be followed by presentations from key ministries including Commerce, Trade and Industry; Energy; Finance and National Planning as well as Mines and Mineral Development.
The Africa Debate is London’s leading Africa focused business forum. The 2023 forum will focus on the continent’s trade profile in the wake of COVID-19 and a multitude of global economic shocks, with speakers discussing and debating the future for African trade.
We think these are important engagements that will bring into reality the many investment pledges made in the past.
According to the Zambia Development Agency, the country has in the first quarter of this year recorded a boom in investment pledges worth US$8.6 billion in different sectors of the economy.
Investment pledges worth US$8.6 billion have been recorded by the ZDA in the first quarter of this year, registering 81 projects.
We agree with the ZDA Director General, Mr Albert Halwampa, that this is a significant increase recorded in the same period last year of US$240.13 million investment pledges, from 74 projects.
Mr Halwampa attributed the increase to President Hichilema’s foreign trips where he had been engaging various investors.
Attracting credible investors will ultimately improve the people’s standard of living as the increased investment will help create jobs for the thousands of unemployed Zambians while boosting the country’s coffers.
