Zambia’s Vice President Reaffirms Strong Economic Outlook at TICAD-9 in Yokohama
Vice President Dr Mutale Nalumango has reaffirmed Zambia’s positive economic trajectory, citing robust reforms and support from international partners such as the International Monetary Fund (IMF).
Speaking during a bilateral meeting with Toyota Tsusho Corporation on the sidelines of the 9th Tokyo International Conference on African Development (TICAD-9), Dr Nalumango said Zambia’s economy is projected to expand by around 5 percent, driven by greenfield and brownfield mining projects alongside increased investment in energy, manufacturing, and agriculture.
The Vice President praised Toyota’s longstanding partnership with Zambia and welcomed its intention to diversify investments into renewable energy and healthcare.
She described the recent Memorandum of Understanding signed between Toyota Tsusho, ZESCO, and the Ministry of Energy as timely, given Zambia’s ongoing efforts to reduce its energy deficit and counter the impact of climate change on hydropower generation.
Highlighting Zambia’s position as a land-linked hub in Southern and Eastern Africa, Dr Nalumango urged Toyota Tsusho to take advantage of wider regional markets through COMESA, SADC, and the East African Community (EAC).
Toyota Tsusho Vice Chairman Mr Kashitani Ichiro and Executive Officer Mr Hirata Tatsuya, who led the meeting, commended Zambia’s investor-friendly policies.
Mr Ichiro revealed that Toyota Tsusho is developing vehicle models tailored to the Zambian market and would dispatch a team of experts to Lusaka in October 2025 to explore further investment opportunities.
Mr Hirata also reaffirmed Toyota Tsusho’s strong market presence in Zambia, where its subsidiary CFAO Mobility commands a 51 percent market share.
He highlighted the company’s contribution to Zambia’s health sector through Missionpharma, which supplies Health Centre Kits to over 3,000 health facilities nationwide, covering the essential medical needs of 1,000 people for 30 days.
In response, Dr Nalumango reiterated that Zambia’s peace, stability, and ongoing reforms have made the country one of Africa’s most attractive destinations for long-term, predictable investment.
