Govt Reiterates Commitment to Enhance Zambia’s Investment Climate
Zambia’s Minister of Commerce, Trade and Industry, Hon. Chipoka Mulenga, emphasized the Zambian government’s dedication to fostering a robust and transparent investment climate essential for sustainable economic growth, job creation, and long-term development.
Speaking at the Zambia Investment Forum on October 3, 2024, co-hosted by the Zambia Development Agency (ZDA) and the World Bank, Mr. Mulenga highlighted Zambia’s strategic position in Southern Africa and its abundant natural resources as key assets for attracting investment.
He outlined the government’s strategy to diversify the economy beyond mineral resources by leveraging renewable energy and promoting sustainable agricultural and forestry practices. “By harnessing our natural resources and implementing comprehensive reforms, we aim to create a favorable business environment that attracts investors,” Mr. Mulenga stated.
The Minister noted significant progress in improving Zambia’s “ease of doing business,” emphasizing the introduction of the Zambia Business Licensing Portal, which streamlines regulatory processes and reduces bureaucratic hurdles for entrepreneurs and investors.
Achim Fock, World Bank Country Manager, represented by Senior Private Sector Specialist Blerta Qerimi, stressed the importance of a private sector-led recovery as Zambia addresses macroeconomic challenges. He highlighted the need for a stable legal and regulatory environment, ranking it as the third most critical factor influencing foreign investment decisions.
“To attract private capital, Zambia must address policy and regulatory uncertainty, enhance its legal framework, and improve regulatory coherence while reducing bureaucratic red tape,” Mr. Fock explained.
ZDA Director General Albert Halwampa reported that the agency is capitalizing on a conducive investment environment and consistent policies to attract investments in priority sectors. He mentioned that the Investment, Trade, and Business Amendment Act No. 3 of 2024 provides additional incentives for companies planning to expand in Zambia.
“These incentives are already yielding results, evidenced by the commencement of projects such as the Maamba Thermal Energy Plant Phase II and the Zambia-China Mulungushi Textiles in Kabwe, which has begun receiving equipment,” Mr. Halwampa noted.
European Union Ambassador to Zambia and COMESA, Karolina Stasiak, affirmed the EU’s belief that a favorable investment climate is vital for private sector growth and success.
The event also saw participation from representatives of the International Finance Corporation and various Chief Executive Officers from both government and the private sector, showcasing a collective commitment to enhancing Zambia’s investment landscape.
