Zambia an investment haven, Foreign Affairs minister, Haimbe, tells Korean business community


Minister of Foreign Affairs and International Cooperation, Mulambo Haimbe, has urged the Korean business community to explore investment opportunities in Zambia for mutually beneficial partnerships that yield sustainable returns.

Speaking at the Zambia business country session on the sidelines of the 2024 Korea-Africa Summit in Seoul, Korea, Haimbe highlighted sectors such as mining, agriculture, energy, infrastructure and technology for investment.

He encouraged Korean companies to consider the potential for value addition in Zambia’s critical mining sector, which boasts abundant reserves of copper, cobalt and other minerals vital to modern industries.

“This includes the agricultural sector, which presents lucrative opportunities for investment in agribusiness, value addition and food processing,” Haimbe stated.

The Minister said Zambia’s rich natural resources and strategic location, offered a myriad of investment prospects across various sectors.

“The Zambian government remains steadfast in its commitment to fostering an environment conducive to business growth and development,” Haimbe said.

He noted President Hakainde Hichilema’s keenness to enhance Zambia’s engagement with South Korea through Public-Private Partnerships for development cooperation.

Haimbe highlighted Zambia’s robust economic reforms, including streamlined business regulatory processes and upholding the rule of law, ensuring a favorable investment climate.

Additionally, he underscored Zambia’s strategic location at the heart of the African continent, positioning the country as a gateway to regional markets under the African Continental Free Trade Area (AfCTA), offering investors unparalleled access to a consumer base of over 1.4 billion people.

Read More: Hichilema woes Saudi investors, as Saudi-Africa summit opens in Riyadh

Haimbe also highlighted Zambia’s strategic location as a land-linked nation surrounded by eight countries, making it a manufacturing base and trading hub with easy access to neighboring markets and ports.

He acknowledged South Korea’s strides in development, including modern and efficient transportation infrastructure and expressed Zambia’s readiness for partnerships through Public-Private Partnership models with South Korean construction companies.

Haimbe expressed gratitude to the government of Korea for convening the Summit, which provided an opportunity to interact with the Korean business community.

The 2024 Korea Africa Summit took place from June 4 to June 5, 2024.

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