US$50 BILLION FOR ZAMBIA FROM THE JEWRY: THE NEXT WAVE OF INVESTMENT IS COMING UNDER HH
Even though it is still too early to make definitive announcements, especially before I confer with President Hakainde Hichilema, I am optimistic about Zambia’s future. Based on my interactions and discussions with members of Jewish business communities in the United States, the United Kingdom, South Africa, Spain, Morocco and Israel, I can now confidently confirm that Zambia has the potential to attract an unprecedented wave of foreign direct investment during President Hakainde Hichilema’s second term. From the total figures I have so far compiled, this investment exceeds US$50 billion over time given the economic stability that Zambia has attained.
Many people may not know that Israel has a long history of contributing to Zambia’s development. Israeli expertise played an important role in the construction of the University of Zambia, the University Teaching Hospital, and the Itawa Flats in Ndola. Before diplomatic relations were interrupted in 1973, Israeli experts were also involved in the development of the Kafubu Farm Block, a project envisioned to help make Zambia a major agricultural producer for the region.
More than fifty years later, Zambia and Israel have renewed diplomatic relations, including the reopening of Israel’s embassy under the astute leadership of President Hakainde Hichilema. This presents an opportunity to build new partnerships in agriculture, irrigation, mining technology, manufacturing, venture capital, commerce, defence technology and innovation
As an Orthodox Jew, I have had the privilege of interacting with entrepreneurs, venture capitalists and business leaders from Jewish communities around the world. Many of these individuals and companies have participated in building globally successful enterprises that have created millions of jobs across different continents. Their consistent message has been that Zambia’s improving macroeconomic stability, policy consistency and peaceful environment make it one of Africa’s most promising investment destinations.
Some investors have also expressed concern about the business climate in certain countries, including rising anti Semitism and related pressures. A number have indicated that they have settled for Zambia as the next destination for expanding or relocating parts of their operations because they see confidence, stability and predictability here. These conversations encourage me greatly as a Zambian. President Isaac Herzog of Israel has called on all Jewish owned companies to come and invest in Zambia for the good of all Zambians.
During the parliamentary nomination period, while many people wondered where I had disappeared to, I was engaged in meetings with potential investors. One of my Jewish billionaire friends travelled to Zambia specifically to explore investment opportunities. His net worthiness is US$59 billion. We flew across different parts of the country, examining potential projects. He expressed strong interest in investing in a gold refinery, among other opportunities.
Israel is internationally recognised for its advanced technologies in irrigation, water management, agriculture, mining, cybersecurity and defence. It is also home to one of the world’s leading diamond polishing industries despite having no significant domestic diamond deposits, demonstrating how knowledge, technology and value addition create wealth. This is exactly the direction Zambia should pursue, adding value to our minerals, modernising agriculture, expanding agro processing, strengthening manufacturing and embracing technology driven industrialisation.
I therefore urge the people of Zambia to protect the stability we have built and to give President Hakainde Hichilema a strong second mandate. Macroeconomic stability is only the beginning. The next phase must be translating that stability into household recovery, better paying jobs, higher incomes and broad based national prosperity. Zambia is in safe hands and on the right path.
Saviour Chishimba
President
United Progressive People (UPP)
UPND Alliance Partner