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Zambia’s FDIs grew by 158% in 2022 – Institute

• This amounted to US$8.59 Billion worth of investments and creating 74,679 jobs.
• President Hichilema’s recent trips abroad in Angola and UAE are huge opportunities for the much needed FDIs.
• The investments in Zambia will go a long way in shaping national economic growth.

Rhoma Foreign Relations has disclosed that Zambia’s Foreign Direct Investments (FDIs) grew by 158% in 2022 alone, amounting to US$8.59 Billion worth of investments and creating 74,679 jobs.
Institute Executive Director, Lengwe Bwalya told Money FM News in an interview that President Hakainde Hichilema’s recent trips abroad in Angola and the United Arab Emirates (UAE) are therefore huge opportunities for the much needed Foreign Direct Investments especially in the energy sector where the country is facing a crisis.
Mr. Bwalya noted that arising from President Hakainde Hichilema’s engagement in United Arab Emirates, 2, 000 Megawatts of power is expected to be added to the national grid once the Memorandum of Understanding and Joint Development Agreement for the development of large scale solar project worth US$2 Billion signed between Zambia and UAE under the auspices of ZESCO and MASDAR respectively comes to fruition.
“Rhoma Foreign Relations Institute has observed insinuations from some stakeholders that President Hakainde Hichilema and other key government officials are travelling too much at the expense of national coffers and development. The trips abroad taken have been basically the pertinent ones and the delegations have been very lean. Additionally, the President has travelled commercial, something this country is experiencing for the first time.”
“Consequently, we find President Hakainde Hichilema’s recent trips abroad in Angola and the United Arab Emirates (UAE) as huge opportunities for the much needed Foreign Direct Investments (FDI) especially in the energy sector where the country is facing energy deficits,” Mr. Bwalya observed.
He further said the effects of these investments in Zambia are long term, and will go a long way in shaping national economic growth.
“For instance Finance Minister Dr. Situmbeko Musokotwane is in Davos, Switzerland, for the 2023 World Economic Forum (WEF), in the company of Commerce Trade and Industry Minister Chipoka Mulenga, Bank of Zambia Governor Dr. Denny Kalyalya, and Zambia’s Ambassador to Switzerland and Permanent Representative to the United Nations Office in Geneva, Eunice Luambia.”
“This trip among other bilateral engagements will include a side meeting with the Egyptian Minister of Planning and Economic Development. The parties will examine Zambian exports to Egypt, probe opportunities for further cooperation, and exchanging insights on debt management and Zambia’s IMF Supported Programme – The Enhanced Credit Facility 2022-2025,” he noted.

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