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The Zambia Chamber of Commerce and Industry (ZACCI) and the Federation of Saudi Chambers of Commerce have signed a Memorandum of Understanding (MoU) to formally establish the Saudi–Zambian Joint Business Council (JBC).
The signing ceremony took place in Lusaka on September 18, 2025.
The new platform is expected to deepen trade relations, attract investment, and open fresh economic opportunities for both countries.
Speaking at the event, Agriculture Minister, Reuben Phiri, underscored Zambia’s ambition to diversify its economy beyond copper, urging stronger partnerships with Saudi investors in key sectors including mining, agriculture, agribusiness, energy, tourism, and manufacturing.
“It is time to turn opportunities into tangible projects that create jobs and wealth,” he said.
Commerce, Trade and Industry Permanent Secretary, Crusivia Hichikumba, reaffirmed government’s commitment to placing the private sector at the centre of Zambia’s economic transformation.
He stressed that private enterprise must drive job creation, industrial growth, and the country’s participation in regional and global value chains.
Representing ZACCI, Vice President Services Andrew Sinyangwe, who spoke on behalf of President Anthony Kabaghe, thanked the Saudi private sector for showing confidence in Zambia and urged local businesses to seize the opportunity.
“The Joint Business Council is not just a platform for dialogue, but a catalyst for joint ventures, technology transfer, and expanded market access for Zambian enterprises,” Sinyangwe said.
On behalf of Saudi Arabia, Federation of Saudi Chambers of Commerce Secretary-General, Waleed H. Alorainan, representing Chairman Ali Saad Al-Kahtani, reaffirmed Riyadh’s commitment to investing in Zambia.
He noted that the JBC would strengthen economic cooperation and foster mutually beneficial partnerships across multiple sectors.
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