The Zambia Development Agency (ZDA) has commended the Government of the Republic of Zambia, led by President Hakainde Hichilema, for achieving remarkable investment milestones during the first two years in office. The investment landscape has witnessed a transformative surge, with recorded investments escalating from US$3.31 billion in 2021 to an impressive US$37 billion in 2023.
From August 2021 to August 2023, Zambia experienced an unparalleled influx of investments from various corners of the world. These achievements can be attributed to President Hichilema’s proactive engagement with global leaders and business executives, alongside his active participation in international business forums. The government’s commitment to sustainable macroeconomic principles, debt restructuring, business reforms, and other conducive policies has been pivotal in fostering an environment conducive to attracting investors.
Since assuming office in August 2021, the New Dawn Government has overseen an unprecedented increase in committed investments registered with the ZDA. Cumulatively, the country has witnessed committed investments soaring to USD 37.0 billion in 2023, up from USD 3.31 billion in 2021. Notably, the year 2022 recorded committed investments of USD 8.61 billion, which escalated further to USD 25.02 billion within the first eight months of 2023.
The energy sector secured the lion’s share of investments, followed by manufacturing and construction. Committed investment in the energy sector exhibited an impressive surge, increasing from USD 2.0 billion in 2021 to a staggering USD 16.1 billion in 2023. This influx is expected to alleviate the challenges associated with electricity load-shedding that previously affected the nation. In the manufacturing sector, committed investments rose from USD 958 million in 2021 to USD 7.7 billion in 2023.
These investment achievements underscore the heightened investor confidence fostered by an improved investment climate and the resolute commitment of the Republican President to vigorous investment promotion.
The ZDA is actively engaged in monitoring and evaluating the implementation of committed investment projects to ensure their realization. Out of the monitored investments, USD 4.7 billion has been actualized. The manufacturing sector led in actualized investments with USD 1.2 billion, followed by transport with USD 965 million and services with USD 804.37 million.
Moreover, the ZDA has not only been monitoring investments but also the creation of jobs resulting from investor commitments. Out of the initially committed 132,709 jobs, 20,520 jobs have been actualized.
Given the prevailing stable macroeconomic environment, pro-business reforms, private sector-driven economic policies, investment promotion and protection, debt restructuring, and the country’s stable political system, the ZDA anticipates a continued positive trajectory in the investment landscape.