Minister of Commerce, Trade and Industry, Chipoka Mulenga says relying entirely on agriculture and mining cannot provide meaningful economic transformation.
Mr Mulenga says it is for this reason the new dawn government is focusing on investing in other sectors such as energy and tourism.
Speaking during the commemoration of Egypt’s 70th National day in Lusaka yesterday, the minister said government wants to enhance cooperation with Egypt in many different sectors.
Zambia and Egypt are therefore exploring many ways of cooperation in different fields, the minister said.
Mr Mulenga said investing in a multiple amount of sectors is key in the nation’s economic recovery agenda adding that Zambia alone cannot achieve meaningful economic transformation.
“We want to enhance our cooperation in many sectors. As we have predominantly depended on the agriculture sector, we want to go into the mining sector but the two alone cannot give us meaningful economic transformation. We want to invest heavily into the tourism sector, into the energy sector as well and many others,” Mr Mulenga said.
And Egyptian Ambassador to Zambia, Moataz Anwar urged Egyptian businesses to take advantage of Zambia’s peaceful environment and invest in the Southern African country.
In an interview with ZANIS on the sidelines of the event to commemorate Egypt National day, Mr Anwar said Zambia’s peaceful record makes it a favourable investment destination.
Stressing that he is looking forward to Egyptian companies investing in Zambia in different sectors aside from health, the Envoy his country and Zambia are exploring different opportunities of cooperation in areas like industrialisation.
“I’m sure we will be able to attract more Egyptian investors to invest in the Zambian market to invest in agriculture, fish farming and industrialisation,” he said.
The national day of Egypt is celebrated on July 23 which coincides with the annual celebration of the Egyptian revolution of 1952 when the modern republic of Egypt was declared, ending the period of the Kingdom of Egypt.