Zambia, UAE sign $2.14 billion agreement to boost trade, investment

Zambia and the United Arab Emirates (UAE) have signed a Comprehensive Partnership Agreement worth US$2.14 billion to be implemented across various sectors of the economy.

President Hakainde Hichilema, who attended the Zambia-UAE Business Forum in Abu Dhabi on Tuesday where the agreements were signed, expressed optimism that the deal would contribute to increased trade between the two countries.

He said Zambia was committed to strengthening economic ties with the UAE as the country seeks to attract investment, expand trade and accelerate economic growth.

“Zambia has much to learn from the UAE’s experience in using its natural resources to develop the economy and improve the living standards of its people,” Hichilema stated.

He noted that Zambia’s rich natural-resource base provided an opportunity to pursue similar economic transformation through increased investment, trade and domestic reforms.

Read More: Hichilema heads to UAE on investment drive

Hichilema said the government’s Grow Zambia Agenda sought to double the size of the Zambian economy, with expected benefits including increased revenue for public services, more employment opportunities and expanded business opportunities for Zambians.

“The government will continue to prioritise increased trade and domestic reforms aimed at creating an environment capable of attracting the investment required to grow the Zambian economy,” he said.

He described the visit to Abu Dhabi as significant, noting that, as in 2021, his first trip abroad after the elections had brought him to the UAE.

Hichilema further expressed gratitude to UAE President, Sheikh Mohamed bin Zayed Al Nahyan, for the invitation.

He reaffirmed Zambia’s readiness to engage with investors, stating that the country remained “open and ready for business and investment.”

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