Government has called on investors to invest in Zambia because of its abundant natural resources, policies and institutions put in place by the government to promote economic growth.
Ministry of Commerce, Trade and Industry Permanent Secretary, Crusivia Hichikumba says the government has created favourable policies and good governance for investment.
Mr Hichikumba says this can be seen through a substantial increase in committed investments from only about 3 Billion United States Dollars in 2021 to about 40 Billion in 2023.
ZANIS reports that the PS said this when he officiated at the Zambia Development Agency and Hungarian – Zambia Business Forum and Signing of a Memorandum of Understanding between Sinegon Technologies Limited and eBOSS Systems Limited held in Lusaka today.
Mr Hichikumba noted that the government’s current policy direction is focused on the promotion of economic diplomacy for the socio-economic transformation of the country.
“To this end, the Government has embarked on an inclusive and sustainable development agenda with specific focus on creating an enabling environment that supports trade, investment, economic diversification, local production and value addition. We are, therefore, committed to promoting a private sector led economy by creating a favourable investment and business climate,” he said.
Mr Hichikumba cited the creation of Special Economic Zones and the establishment of institutions such as the Public Private Dialogue Forum as some of the interventions by the government to make Zambia an enabling environment for investment and trade.
“Zambia has abundant natural resources, such as the vast arrays of critical energy transition and industrial minerals, water, wind solar and hot springs for power generation, and arable land for agriculture, which the country is endowed with, the potential for economic growth is not fully explored,” he added.
Mr Hichikumba further noted that it is the government’s desire to leverage on existing bilateral relations between Zambia and Hungary to advance technological sharing and economic ties between the two counties.
The Permanent Secretary called on investors from Hungary to invest in Zambia because of its strong industrial base with expertise in green energy, sustainable infrastructure and technological development, which are key to Zambia’s development agenda.
And speaking earlier at the same forum, Zambia Development Agency (ZDA) Director General, Albert Halwampa assured prospective investors of ZDA’s guidance throughout their investment process.
Mr Halwampa encouraged investors to take advantage of the consistent good policies currently obtained in the country and the government’s flexibility in negotiating incentives and conditions for investors.
He encouraged investors to invest in agriculture through the farm blocks and also in the energy sector which has a lot of deficits currently.
Meanwhile, Hungary Chargé d’ Affaires, Viktor Fülöp thanked the participants saying the forum will fill a vital gap and establish a new tradition that fosters business and cultural ties between the two countries.
Mr Fülöp expressed hope that the Hungarian mission will contribute to the development of successful economic cooperation and partnerships to the benefit of both countries.
The MOU signed between Sinegon Technologies Limited and eBOSS Systems Limited is about an e-government solution developed by Sinegon for the sustainable management of national resources of the country for the benefit of the people making eBOSS an official representative of Sinegon in Zambia.
