PRESIDENT Hakainde Hichilema has implored foreign investors to collaborate with local partners in Zambia as an avenue for sustainable development in the country.
The Head of State says joint ventures between foreign investors and local investors in the country are important for a reliable model for sustainable economic development.
President Hichilema said this alongside other Heads of State and dignitaries when he addressed the high-level gathering of the German business community at the ongoing G20 Compact with Africa conference in Berlin this morning.
According to State House Communications specialist Clayson Hamasaka said President Hichilema encouraged the European business community to explore Africa’s abundant natural resources.
“Highlighting investment opportunities across various sectors of the Zambian economy, the Head of State underscored the importance of joint ventures between foreign and local investors as a reliable model for sustainable economic development that benefits all parties,” he said.
Mr Hamasaka said however, that President Hichilema stressed the significance of processing and value addition within African countries to generate local jobs and foster the expansion of local economies.
He noted furthermore, that the Head of State reiterated the necessity for reasonably priced capital for African countries, countering the current scenario where the financial risk profiles for African countries are excessively high, leading to elevated costs.
“In a significant commitment, the German government has pledged over 4 billion Euros in investment in African countries by 2030. The investment spans sectors such as energy, infrastructure, mining, agriculture, and tourism,” he said.
Mr Hamasaka further added that the Chancellor, Olaf Scholz assured the gathering that these financial commitments are not loans ,but direct investments, fostering a mutually beneficial relationship between the economies.
(Mwebantu, Tuesday, 21st November, 2023)