President Hichilema Calls for Global Cooperation to Drive Economic Growth
President Hakainde Hichilema has called for increased global cooperation, partnership, investment and trade as key drivers of economic growth, amid ongoing global challenges affecting economies worldwide.
The President made the remarks at State House when the President of the Arab Bank for Economic Development in Africa (BADEA), Abdullah Khalil AlMusaibeeh, paid a courtesy call on him.
Mr Hichilema said Zambia is undertaking wide-ranging reforms aimed at accelerating economic development through increased investment and trade, with a strong focus on critical sectors such as energy.
He stressed that reliable energy supply remains central to economic growth, noting that without electricity, the country cannot effectively drive development.
“Within the energy sector, we want to address issues around petroleum, given the situation of a very unfortunate war in the Middle East,” he said.
The President reiterated that global stability is essential for economic progress, warning that conflicts such as the ongoing war in the Middle East have far-reaching consequences.
“The world does not need war or conflict. The world needs cooperation, partnership, investment and trade to grow our economies and support our populations,” he said.
He added that although Zambia has no direct influence over the causes of the conflict, it continues to urge the warring parties to seek an amicable resolution.
Mr Hichilema noted that instability in one region has global implications, citing rising fuel prices linked to disruptions in the Middle East. He highlighted the strategic importance of the Strait of Hormuz, which accounts for a significant share of global fuel supply.
“The war in the Middle East has a devastating effect on the global economy, and projects supported by institutions such as BADEA are also impacted,” he said.
Meanwhile, Mr AlMusaibeeh described Zambia as a strategic partner for BADEA and called for strengthened cooperation.
“We need to do more together,” he said.
He revealed that his visit will include a tour of Mayukwayukwa Refugee Camp in Kaoma District, as well as meetings with key government officials, including the Ministers of Finance, Health, Agriculture and Infrastructure.
Mr AlMusaibeeh added that BADEA is keen to expand engagement with both the public and private sectors, particularly in trade finance, to support economic growth.
He also warned that the ongoing conflict in the Gulf region could further drive up the cost of fuel and fertiliser, underscoring the need for coordinated responses.
