Govt Calls For Mutual Partnerships To Drive Investments
Minister of Technology and Science has underscored the importance of mutual partnerships to drive investments that address global issues, such as energy and climate change, while leveraging digital transformation as a key driver of economic transformation by mobilizing necessary private sector resources.
Addressing a high-level Investment and Sustainability meeting at the Organisation for Economic Co-operation and Development (OECD), Felix Mutati called for mutual investment partnership with Zambia that delivers benefits.
Mr. Mutati declared that Zambia and the rest of Africa have dropped the begging bowl, moved away from dependency on aid, and are now focused on forming mutual investment partnerships based on mutual respect, acknowledging that every country has unique capabilities to contribute.
He also revealed that the introduction of pro-investment incentives in telecommunications facilitated nearly US$60 million in digital infrastructure investments in 2023, enhancing Zambia’s connectivity with all eight neighboring countries.
Mr. Mutati mentioned that the development of a comprehensive digital transformation strategy aimed at promoting financial inclusion, digital skills, and entrepreneurship in mining, energy, manufacturing, and tourism sectors.
He outlined several Government policy measures that are aimed at creating a favorable investment environment, such as debt restructuring, which has bolstered investor confidence, and resolving protracted legal disputes with mining companies, unlocking US$1.5 billion in private sector investment from a mining firm, including investment in nickel mine, which is poised to create job opportunities.
Mr. Mutati further highlighted the establishment of the Private Public Dialogue Forum (PPDF) aimed at reducing bureaucratic barriers to private sector investment and the creation of the Presidential Delivery Unit to ensure the implementation of investment projects, further noting the positive impact of investment in free education, which has brought on board 2 million children into schools.
The discussion, held under the theme “Industrial Policies: An opportunity or risk for Boosting Sustainable Investment,” explored current global industrial policy trends and their impact on international investment flows, sustainable development, and particularly the green and digital transitions.
And speaking during a panel discussion on accelerating investment in climate adaptation, Zambia Development Agency (ZDA) Director of Investments, Chimuka Nketani outlined government’s strategic focus on three priority areas of investment, energy, agriculture, and electric vehicle battery production.
Mr. Nketani emphasized that policy reforms have been instituted to accelerate investment in the energy sector, citing the execution of Independent Power Producer (IPP) agreements within 10 days and the promotion of climate-resilient crops and building of climate resilient infrastructure to respond to adaptation needs.
This is according to a statement made available by First Secretary Press at the Zambian Embassy in Paris, France, Naomi Mweemba.
