ACCZ Economic and Investment Summit Strengthens Zambia-China Economic Relations
The Association of Chinese Corporations in Zambia (ACCZ), in collaboration with the Zambia Development Agency (ZDA), hosted the ACCZ Economic and Investment Summit on July 12, 2024, to bolster economic ties between Zambia and China.
Honorable Rodney Sikumba, Minister of Tourism and Arts, represented the Minister of Commerce, Trade, and Industry at the summit. He highlighted Zambia’s rich reserves of critical minerals such as zinc, copper, cobalt, lithium, and manganese. Sikumba emphasized that China possesses the technology and expertise to add value to these minerals locally.
“The summit is a platform to leverage the resources both countries possess for mutual benefit. I envision collaborations that lead to the production of goods like electric vehicle batteries, electronics, and hi-tech equipment,” said Hon. Sikumba.
He also noted that the Zambian government has identified the production of electric batteries and battery precursors as a key national initiative, with incentives being developed to promote this sector.
ZDA Director General Mr. Albert Halwampa noted a surge in investment interest from both local and foreign investors, attributing this to effective leadership and consistent investment policies.
Halwampa affirmed ZDA’s commitment to facilitating investment to create wealth and employment opportunities for Zambians. “We need to explore more opportunities and engage to expand and create more jobs,” he explained.
Halwampa also encouraged Zambian investors to form joint ventures with foreign partners to benefit from affordable capital and technology transfer. He highlighted the government’s review of the Investment, Trade, and Business Development (ITBD) Act, which now includes incentives for both brownfield and greenfield projects.
He urged Chinese investors to capitalize on Zambia’s conducive investment climate and favorable incentives to invest in new projects across various sectors, including energy, agriculture, and tourism.
Foreign Affairs Permanent Secretary for International Relations and Cooperation, Ms. Etambuyu Anamela Gundersen, underscored Zambia’s foreign policy, which rests on two key pillars: peace, security, and stability, and economic diplomacy.
She stressed that these pillars support Zambia’s national development agenda and its engagement with the global community, including China. “Peace, security, and stability are essential preconditions for sustainable economic growth and social progress,” Ms. Gundersen noted.
