Zambia and the United Kingdom are looking to deepen trade and investment relations as the two countries explore new opportunities under the Government’s Grow Zambia Agenda.
Minister of Finance and National Planning Situmbeko Musokotwane says Government is open to increased trade and investment between Zambia and the United Kingdom, particularly in sectors that have the potential to accelerate economic growth and create jobs.
Dr Musokotwane said the two countries have a long-standing relationship, with British businesses having maintained investments in Zambia for several decades.
He was speaking when British Trade Commissioner Alastair Long and British High Commissioner Rebecca Terzeon paid a courtesy call on him at his office, where they held discussions on strengthening bilateral economic cooperation and identifying new investment opportunities.
Dr Musokotwane said the meeting focused on specific areas in which British expertise, technology and capital could contribute to Zambia’s economic transformation.
He said a number of investment proposals had been presented to the British delegation as Government seeks to attract more private-sector investment to support the country’s development agenda.
“This comes at a time when the focus in Zambia is how to get the economy to grow so that young people can get jobs as well as business opportunities for Zambians,” Dr Musokotwane said.
He said the British business community could take advantage of investment opportunities emerging from the Grow Zambia Agenda, particularly in sectors such as beef, mining, sugar and forestry.
According to Dr Musokotwane, increased investment in these areas could help Zambia expand production, strengthen value chains and create more opportunities for local businesses and young people.
He said Government would continue creating an environment that encourages both domestic and international investors to participate in the country’s economic growth.
British Trade Commissioner Alastair Long said the United Kingdom was committed to investing in Zambia and supporting the objectives of the Grow Zambia Agenda being spearheaded by President Hakainde Hichilema.
Mr Long said Zambia had significant potential for economic growth and that the UK was keen to contribute to that process through increased trade, investment and business partnerships.
He said Zambia had taken important steps towards stabilising its economy and laying the foundation for sustainable growth.
“Britain is really proud of our relationship, and we are also incredibly proud of the investment relationship,” Mr Long said.
Mr Long said the UK looked forward to strengthening its partnership with Zambia by supporting investments that could contribute to economic development and create opportunities for both countries.
British High Commissioner to Zambia Rebecca Terzeon also reaffirmed the United Kingdom’s commitment to continued investment in Zambia.
Ms Terzeon said British investment in Zambia had a long history, with companies and institutions from the UK having been involved in the Zambian economy for many decades.
She said the UK would continue to work with the Zambian Government and the private sector to identify new areas of cooperation and investment.
The discussions come as Zambia seeks to move beyond economic stabilisation and focus increasingly on expanding production, attracting investment and creating employment opportunities through the Grow Zambia Agenda.
With the UK bringing capital, technology and specialised expertise, and Zambia offering investment opportunities in sectors such as mining, agriculture, forestry and manufacturing, the two countries are positioning their longstanding relationship for a stronger economic partnership.
By Kuchalo