Zambia–Saudi Arabia Joint Business Council Set to Unlock Trade and Investment Opportunities
The Zambia Chamber of Commerce and Industry (ZACCI) and the Federation of Saudi Chambers have signed a landmark Memorandum of Understanding (MoU) to formally establish the Saudi–Zambian Joint Business Council (JBC).
The signing ceremony, held in Lusaka, represents a significant step in strengthening trade, investment, and economic cooperation between the two nations.
Minister of Agriculture, Hon. Reuben Mtolo, stressed Zambia’s ambition to diversify its economy beyond copper, identifying opportunities in mining, agriculture, agribusiness, energy, tourism, and manufacturing.
He encouraged Saudi investors to partner with Zambia in transforming these opportunities into tangible projects that would generate jobs and wealth.
Permanent Secretary at the Ministry of Commerce, Trade and Industry, Mr Crusivia Hichikumba, reaffirmed the Government’s commitment to positioning the private sector as the key driver of growth. He highlighted Zambia’s focus on fostering industrial transformation, job creation, and broader participation in regional and global value chains.
Speaking on behalf of ZACCI President Mr Anthony Kabaghe, Vice President Services, Mr Andrew Sinyangwe, welcomed the partnership with the Saudi private sector.
He explained that the JBC would serve not only as a forum for dialogue but also as a catalyst for joint ventures, technology transfer, and expanded market access for Zambian enterprises.
From the Saudi side, Mr Waleed H. Alorainan, Secretary General of the Federation of Saudi Chambers, representing His Excellency Ali Saad Al-Kahtani, Chairman, reaffirmed the Kingdom’s commitment to strengthening its ties with Zambia.
He described the JBC as a strategic platform for forging mutually beneficial partnerships and enhancing cooperation across multiple sectors.
ZACCI expressed gratitude to His Excellency Mr Duncan Mulima, Ambassador of the Republic of Zambia to the Kingdom of Saudi Arabia, for his instrumental role in ensuring the success of the ceremony. The Chamber also acknowledged the presence and support of senior government officials, including Hon. Peter Kapala, Minister of Livestock; Dr Hapenga Kabeta, Permanent Secretary at the Ministry of Mines and Minerals Development; Mr Albert Halwampa, Director General of the Zambia Development Agency; and Mr Conwell Muleya, Chief Executive Officer of the Industrial Development Corporation.
