Zambia and Japan Strengthen Ties to Boost Economic Cooperation
Zambia’s Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, has called for deeper cooperation between Zambia and Japan, emphasizing the need for self-sufficiency in Zambia and Africa by prioritizing development and attracting Foreign Direct Investments (FDI) to reduce dependency on borrowing.
During a bilateral meeting with Japan’s Minister of Foreign Affairs, Ms. Kamikawa Yoko, held on the sidelines of the Tokyo International Conference on African Development (TICAD) ministerial meeting,
Dr. Musokotwane invited Japanese companies to invest in Zambia’s rich mining sector.
He highlighted Zambia’s abundant natural resources, including critical minerals like copper, nickel, and lithium, and stressed the importance of value addition to create a win-win situation for all stakeholders and generate employment.
“Our government is committed to providing a conducive business environment through ongoing reforms,” Dr. Musokotwane stated, expressing gratitude for Japan’s 60 years of diplomatic support in sectors such as health, education, and infrastructure.
He also thanked Japan for its recent donation of USD 2 million towards Zambia’s drought response.
Ms. Yoko reaffirmed Japan’s commitment to supporting Zambia across various sectors, emphasizing their mutual fundamental values and the strong bilateral friendship.
She urged Zambia to finalize the investment treaty with Japan, which would facilitate increased investment in the country.
Ms. Yoko also praised Zambia’s progress in external debt restructuring under the G20 framework and assured Japan’s support in finalizing the Memorandum of Understanding on this issue.
The TICAD ministerial meeting, held from 24th to 25th August 2024, brought together delegates from 47 African nations to discuss accelerating African development, focusing on the economy, society, and peace and stability.
In her opening remarks, Ms. Yoko emphasized the importance of discussing Africa’s future as a global growth center and shaping the continent’s trajectory.
