HH URGES FOREIGN, ZAMBIAN BUSINESSES TO COLLABORATE
Republican President Hakainde Hichilema has urged foreign investors to collaborate with local partners in Zambia, emphasizing that it is a key avenue for sustainable economic development and business growth in the country.
President Hichilema, alongside other Heads of State and dignitaries, addressed the high-level gathering of the German business community at the ongoing G20 Compact with Africa conference in Berlin this morning.
Highlighting investment opportunities across various sectors of the Zambian economy, the Head of State underscored the importance of joint ventures between foreign and local investors as a reliable model for sustainable economic development that benefits all parties.
President Hichilema encouraged the European business community to explore Africa’s abundant natural resources. However, he stressed the significance of processing and value addition within African countries to generate local jobs and foster the expansion of local economies.
Furthermore, President Hakainde reiterated the necessity for reasonably priced capital for African countries, countering the current scenario where the financial risk profiles for African countries are excessively high, leading to elevated costs.
In a significant commitment, the German government has pledged over 4 billion Euros in investment in African countries by 2030. The investment spans sectors such as energy, infrastructure, mining, agriculture, and tourism.
Chancellor Olaf Scholz assured the gathering that these financial commitments were not loans but direct investments, fostering a mutually beneficial relationship between the economies. Mr. Scholz emphasized the potential for Africa’s young population to acquire skills that contribute to global economic development.
This is contained in a statement issued by Clayson Hamasaka, Chief Communications Specialist at State House.