ZambiaHichilema Invites UAE Investors
Zambian President Hakainde Hichilema has invited UAE and Gulf investors to participate in his government's five-year economic programme, focusing on key sectors such as mining, energy, and agriculture. The invitation was made during his recent two-day visit to the UAE.
Global Newsflix 2 min read
Zambian President Hakainde Hichilema has invited UAE and Gulf investors to participate in his government's five-year economic programme.
The programme, known as the Grow Zambia Agenda, aims to attract investment into mining, energy, agriculture, manufacturing, and infrastructure.
Hichilema said the UAE provides a visionary and forward-thinking government and business environment, which has spent the best part of a decade building industries that will be crucial once oil matters less.
He noted that Zambia is blessed with natural resources such as copper, gold, cobalt, and manganese, as well as land that has never been farmed and a population where half the people are under 18.
Emirati firms are already looking at mining, energy, farming, and logistics in Zambia, and Hichilema wants to put a trade agreement in place to give Emirati business a base from which to sell into more than half a billion people across the trade blocs Zambia belongs to.
The Comprehensive Economic Partnership Agreement would also give Zambian producers a proper route into the Gulf for finished goods.
Hichilema said the UAE and Gulf have the capital and appetite for investment, while Zambia has the resources and has done some but not all the reforms that are needed.
Key facts
- Hichilema invited UAE and Gulf investors to participate in Zambia's five-year economic programme.
- The programme focuses on mining, energy, agriculture, manufacturing, and infrastructure.
- Zambia is blessed with natural resources such as copper, gold, cobalt, and manganese.
- Emirati firms are already looking at mining, energy, farming, and logistics in Zambia.
Three perspectives
Neutral
The invitation is a significant development in Zambia's efforts to attract foreign investment. The success of the Grow Zambia Agenda will depend on various factors, including the ability to put in place a trade agreement and to implement the necessary reforms. The outcome of the negotiations will be closely watched.
Positive
The invitation is a positive step towards attracting foreign investment and promoting economic growth in Zambia. The UAE and Gulf investors can bring in much-needed capital and expertise, which can help to develop Zambia's key sectors. This can lead to job creation and improved living standards.
Negative
The invitation may not lead to significant investment if the necessary reforms are not implemented. The UAE and Gulf investors may be deterred by the lack of a trade agreement and the challenges of doing business in Zambia. The government will need to address these issues to attract meaningful investment.
Your week in news, every Wednesday
The biggest stories of the week for your edition, in your inbox every Wednesday morning, your time. Free, and you can unsubscribe at any time.
