Zambia Welcomes Korean Investors for Lucrative Opportunities
The Zambia Development Agency (ZDA) has rolled out the red carpet for a high-profile delegation of investors from South Korea, led by the Zambian Ambassador to the Asian nation, H.E Andrew Bwezani Banda.
The meeting, held on March 28th, 2024, aimed to showcase Zambia’s potential as a prime investment destination in Africa.
Albert Halwampa, Director General of the ZDA, hailed Zambia as a beacon of peace and stability on the continent, asserting that such conditions were pivotal for fostering a conducive business environment.
He stressed that peace in Zambia translates into predictability, offering a reassuring backdrop for substantial returns on investments.
Highlighting key sectors ripe for investment, Mr. Halwampa outlined opportunities in agriculture, mining, energy, manufacturing, construction, water supply, and information technology.
Notably, he spotlighted the burgeoning copper value chain, citing prospects in the manufacturing of electric vehicle batteries and accessories, aligning with global trends towards sustainable energy solutions.
In the energy sector, Zambia’s current energy production of 2700MW falls short of the burgeoning demand, which exceeds 7000MW. This shortfall presents a fertile ground for investments in renewable energy sources such as solar, nuclear, and wind power.
Mr. Halwampa underscored the significance of the Lobito Corridor in stimulating infrastructure development, transport, and logistics, particularly to bolster the mining sector.
Additionally, he revealed the government’s initiative to allocate one million hectares of land for agriculture, catering to both local consumption and export markets.
With Zambia’s strategic central location and favorable business climate, Mr. Halwampa pointed out the country’s pivotal role in providing a ready market for agricultural produce, particularly within the Southern Africa Development Community (SADC) Common market and the African Continental Free Trade Area.
He commended the establishment of the Presidential Delivery Unit (PDU) and the Public Private Forum (PPDF), aimed at expediting private sector initiatives, aligning with President Hakainde Hichilema’s vision for a private sector-led economy.
Ambassador Banda lauded South Korea’s expertise in agriculture, construction, and manufacturing, expressing eagerness for bilateral knowledge exchange. The Korean investors reciprocated interest, particularly in Public Private Partnerships (PPPs) and Special Economic Zones, with plans for potential ventures in various sectors.
Among the investors, Mr. David Kim, Senior Manager at Kyungchang Industries, expressed keen interest in establishing a Special Economic Zone tailored for Korean businesses, marking a potential milestone in bilateral economic cooperation.
The ZDA, through its Head of Communications and Public Relations, Kwali Mfuni, extended an invitation for Korean investors to capitalize on Zambia’s vast investment opportunities and favorable investment climate, offering full support throughout their investment journey in the country.
