Strengthening economic ties and fostering cross-border cooperation, the Zambia Chamber of Commerce and Industry (ZACCI) and the Namibian Chamber of Commerce (NCCI) signed a landmark memorandum of understanding (MoU) on August 8th, 2023. This strategic agreement aims to enhance trade and investment prospects between businesses in Zambia and Namibia, cultivating economic growth and opening new avenues of opportunity.
The MoU signifies a joint commitment to facilitate an environment conducive to trade and investment collaboration, within the parameters of their respective countries’ regulations and existing bilateral agreements. By pooling resources and expertise, ZACCI and NCCI intend to establish robust institutional, trade, and business relations. This partnership will facilitate the exchange of critical economic information, including insights into economic trends, taxation, investment opportunities, and trade policies, propelling business growth and nurturing emerging potentials.
Central to the agreement is the shared objective of skill development, with a focus on youth and women-led businesses in trade and investment. The chambers will collaboratively organize and participate in international fairs, exhibitions, and trade promotion events, amplifying market visibility and fostering synergies amongst private sector entities in Zambia and Namibia.
Notable components of the MoU include joint advocacy efforts to enhance trade facilitation measures and address key economic factors that promote cooperation between the two nations. The MoU’s signing marks the culmination of bilateral initiatives, including the state visit of Zambian President Hakainde Hichilema to Namibia in October 2022, which aimed to forge deeper collaborations for economic growth.
The momentum continued as NCCI, representing Namibia’s private sector, led a delegation of entrepreneurs on a seven-day trade mission to Zambia. On August 4th, 2023, in collaboration with ZACCI, NCCI hosted the Zambia-Namibia business forum in Lusaka, attracting a diverse gathering of private sector stakeholders and government representatives from Namibia, Zambia, and Tanzania.
Both ZACCI and NCCI expressed their shared commitment to this transformative journey, aiming to amplify the bilateral economic relationship between Zambia and Namibia. The collaboration demonstrates a shared determination to boost trade, nurture investment, and drive business growth in both nations.
This MoU presents new avenues for private sector stakeholders in Zambia and Namibia to tap into unlocked opportunities, aligning with the chambers’ vision for increased collaboration, economic growth, and shared prosperity.