Power and Politics

Hichilema harps on growing investor confidence in Zambia, says country becoming investment destination


President Hakainde Hichilema says Zambia is building upon its reputation as a strong investment destination, and that this is evidenced by increased investor confidence through Foriegn Direct Investments (FDIs).

Hichilema said this was coupled with a rise in Gross Domestic Product (GDP) despite the devastating drought that had constrained the country’s economic growth.

The President said this via a video address to the Impact Investment Conference (ICA) 2024 held at Ciela Resort in Chongwe District of Lusaka Province on Tuesday.

He stated that Zambia would remain resilient and continue to post growth beyond expectations of some of the stakeholders, assuring government’s commitment to sustainable development.

“We are committed to improving the standard of living all our citizens in the country, and to do this, we need you, the entrepreneurs, the investors, both local and international,” Hichilema assured.

The President restated the need for more investment, joint ventures, and value addition, assuring that the government was ready to support investors in their endeavours.

He said Zambia was positioning itself into a leading investment destination and a hub for business in the region through improving its infrastructure such as roads.

“We are put up the infrastructure needed from roads and railways to the technology and market access generative investments that not only bring about sound retains but also have economic and social impact,” Hichilema stated.

Read More: Funding gap of K30 billion slows down project opportunities for SMEs in Zambia

Ealier, Prospero Zambia Chief Executive Officer, Mutumboi Mundia, highlighted that through ICA and other initiatives, the organisation had facilitated close to £30million for Zambian businesses last year.

Mundia stated that in partnership with Impact Capital Africa (ICA), Prospero was dedicated to continually enhancing the ICA summit.

“This event serves as a pivotal gathering for Zambia’s impact community to exchange knowledge, foster innovation, network, and shape the future of the impact investment landscape,” she said.

In her remarks, Saana Halinen, the Finish Ambassador to Zambia said during the last two events of the ICA, 25 businesses had pitched and 10 of them had managed to raise investment totalling around almost US$50 million.

Halinen stated that Zambia and Finland shared a longstanding partnership, which had focused on private sector development for several years already.

“Even though the end of last year saw the end of our last bilateral development project, the Accelerated Growth for SMEs in Zambia (AGS) programme, Finland continues to support the development of the private sector and SME landscape in Zambia,” she said.

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Funding gap of K30 billion slows down project opportunities for SMEs in Zambia

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