Republican President Hakainde Hichilema has arrived in Berlin, Germany, to participate in the 5th G20 Compact with Africa (CwA) conference at the invitation of the German Chancellor, Olaf Scholz.
In an officil statement issued by Clayson Hamasaka, Chief Communications Specialist it has been noted that this visit is part of President Hichilema’s economic diplomacy efforts, aimed at attracting trade and investment opportunities for Zambia.
Mr. Hamasaka stated that the G20 Compact with Africa (CwA) initiative, launched in 2017, aims to enhance the attractiveness of private investment in African countries through improvements in macroeconomic, business, and financing frameworks.
It brings together reform-oriented African nations, international organizations, and G20 and other bilateral partners to coordinate country-specific reform agendas and promote investment opportunities.
Zambia, invited for the first time, Mr. Hamasaka said that it is expressing interest in joining the CwA initiative due to recent economic transformation reform efforts.
President Hichilema and his government believe that, instead of relying on debt acquisition, Zambia’s abundant natural resources, youthful population, and stable political climate can attract private investment for sustainable economic development.
The President emphasizes that the Compact is about African ownership, not external prescription. Compact countries must take ownership of the processes in collaboration with international organizations and bilateral partners, developing tailor-made economic measures attractive to investors.
During the conference, President Hichilema is expected to engage in bilateral talks with German Chancellor Olaf Scholz, meet with World Bank President Ajay Banga, and participate in discussions with key economic sectors, including the Association of Small and Medium-Sized Enterprises, Mittelstand-BVMW.
Mr. Hamasaka noted that this participation aligns with President Hichilema’s commitment to fostering economic reforms and attracting private investment for Zambia’s development.
The G20 Compact with Africa offers an opportunity for Zambia to showcase its potential and seek partnerships for sustainable economic growth.