PRESIDENT Hakainde Hichilema has arrived in the Federal Republic of Germany to participate in the fifth G20 Compact with Africa (CwA) conference.
The Head of States visit to that country aligns with his ongoing pursuit of economic diplomacy aimed at attracting trade and investment opportunities for Zambia. .
State House Chief Communications specialist Clayson Hamasaka said the President’s attendance of the conference is at the invitation of the Federal Republic of Germany Chancellor, Olaf Scholz.
“This visit aligns with his ongoing pursuit of economic diplomacy, aimed at attracting trade and investment opportunities for Zambian citizens as part of his economic policy reform agenda,” he said.
Mr Hamasaka said the primary objective of the CwA is to increase the attractiveness of private investment through substantial improvements in the macro, business, and financing frameworks.
He said it brings together reform minded African countries, international organizations, and bilateral partners from G20 and beyond to coordinate country-specific reform agendas, support policy measures, and advertise investment opportunities to private investors.
“Since its launch in 2017 under the German G20 Presidency, the CwA has garnered significant interest, with 13 African countries already signed up, among them leading economies such as Rwanda, Ghana, and Egypt,” he said.
He noted that Zambia is being invited for the first time, owing to its recent economic transformation reform agenda and has expressed interest in joining the CwA initiative.
Mr Hamasaka said President Hichilema and his government firmly believe that, instead of relying on debt acquisition for capital, the country’s abundant natural resources, youthful and energetic population, and stable political climate can attract private investment, fostering sustainable economic development.
“The G20 Compact with Africa (CwA), therefore, provides a significant opportunity for Zambia to attract private investment, including in infrastructure.The key aspect of the CwA initiative is based on the premise that economic progress can be achieved through country-specific programs, rather than generic cases drawn from elsewhere,” he said.
Mr Hamasaka added that in the pursuit of this approach, President Hichilema emphasises that the Compact is about African ownership, not external prescription.
“Therefore, Compact Countries must take ownership of the processes in cooperation with international organizations and bilateral partners, developing tailor-made economic measures that are attractive to investors,” he said.
He further added that on the sidelines of the conference the President will also hold bilateral talks with his German counterpart Mr Olaf, the World Bank President Ajay Banga and hold engagements with actors in key economic sectors including the Association of Small and Medium-Sized Enterprises.
(Mwebantu, Sunday, 19th November, 2023)