President Hakainde Hichilema has called on Canadian experts and investors to develop green energy projects, such as green hydrogen and solar facilities in Zambia.
Speaking at the 4th Canada-Africa Chamber of Business Conference in Lusaka, the President in a speech read for him by Minister of Commerce, Trade and Industry, Chipoka Mulenga, highlighted the country’s need to diversify its energy sources following severe droughts that have impacted hydroelectric power.
ZANIS reports that Mr Hichilema emphasised Zambia’s commitment to partnering with Canada as an equal partner in joint investments across various sectors to promote sustainable development.
He emphasised that government is committed to transforming Zambia into an inclusive, and sustainable economy, emphasising that the country’s vision is clear and set to build a thriving economy that will improve the livelihood of its people.
“We are focused on creating an enabling environment for businesses to flourish, fostering innovation, and attracting both domestic and foreign investment,” he said.
President Hichilema strongly highlighted Zambia’s deliberate strategic position in trade, as a gateway to Southern Africa and beyond.
The President further echoed the proposed Zambia-Canada Investment Promotion and Protection Agreement, which aims to boost investment flows between the two nations, citing that the country remains committed to the Zambia-Canada agreement.
He reaffirmed government’s commitment to concluding the agreement speedily in order to facilitate increased economic cooperation between the two nations.
“We are land-linked, not landlocked, with access to markets across SADC, COMESA, and the African Continental Free Trade Area (AfCFTA). This positions Zambia as an ideal hub for regional trade,” he added.
Additionally, he noted that though Zambia and Canada enjoy cordial bilateral relations, their bilateral trade and investment levels are still low, hence, the need for more collaborations.
“We are aware that the socio-economic development that we wish to attain as a country, can only be achieved if led by a vibrant private sector, partnerships and joint ventures,” the President noted.
Delivering her speech at the same event, High Commissioner of Canada to Zambia, Emily Burns, remarked that Zambia is adding hundreds of megawatts of renewable energy to its grid, freeing hydro power for households and powering a growing mining sector.
Ms Burns highlighted that Canadian firms are therefore looking forward to building on this progress by establishing new projects that will further strengthen Zambia’s energy security.
Singling out Zambia, she noted that Canada is the single largest source of Foreign Direct Investment (FDI), translating into 24 percent of its total FDI stocks that are highly accredited to investments in the mining sector.
Meanwhile, Zambia Development Agency (ZDA) Director General, Albert Halwampa, expressed that good governance and Leadership is the reason investors are flocking to the country.
Mr Halwampa stated that Zambia has experienced a tremendous influx of various investors into Zambia due to its investor friendly policies put in place by the government.
With the foregoing, Mr Halwampa who called on delegates to invest in agriculture, energy, and mining among other key sectors, expressed that this gives a sense of what Zambia as a country could achieve.
Also, delivering his remarks from the private sector, Joe Lombard, Vice Chairperson for an engineering company known as HATCH, noted that he and other Canadian companies are proud to be in Zambia and look forward to future collaborations.
Earlier, Canada-Africa Chamber of Business President, Garreth Bloor, expressed excitement about fostering commercial ties between Canada and Zambia.
Mr Bloor stated that Zambia’s mining sector and rich mineral resources make it an enabling environment for Canadian businesses looking to invest in Zambia and the continent at large.
In his welcoming remarks to Canadian companies, Yosa Yosa, a Partner at May & Co, said Zambia is a partner in progress, citing the symbolic call to action made by President Hichilema, who noted that Zambia is ready for business.
Mr Yosa, welcomed Canadian companies to Zambia, noting that partnerships should be created between the two countries in fostering development and growth.
The two – day Canada-Africa Business Conference has already underscored the benefits of continuing to advance connections between Canadian and African communities.
