President Hakainde Hichilema has reiterated the need for Zambia and Africa at large to attract capital at a lower cost.
President Hichilema highlighted Africa’s historical challenge of securing capital at inflated rates, attributing this trend to the region’s underdevelopment.
Officiating at the European Union EU -Zambia Business Forum yesterday, the Head of State appealed to the EU and potential investors to help in mobilising capital at a lower price.
The event is a three-day business forum aimed at showcasing opportunities for Copper value addition in Zambia and facilitating partnerships and market linkages between European and Zambian entrepreneurs along the copper value chain.
President Hichilema stressed the need to add value to the country’s copper, stating that Zambia had been suffering discrimination on the pricing of capital.
The Head of State noted Zambia’s historical disadvantage in capital pricing, despite its status as a peaceful nation with a remarkable record of democratic transitions.
“We are a peaceful country and there has been seven transitions in the country. On the African continent it’s a rare feat because in other parts of Africa the change would have been associated with bloodshed and military coups. Zambia is an asset.,” remarked President Hichilema.
President Hichilema said despite having a noisy social media, the country still remained resolute and peaceful.
He called on the EU to be the country’s marketers, by recommending it for business and pitching the peaceful Zambian atmosphere to the rest of the world.
“Invest with us for mutual benefits. We want first grade technology, we want joint benefits, we want partnership.
“Yeah there’s a lot of noise on social media, a lot of noise, a lot of tik tok going on there every morning but rarely translates into a negative score for business,” he disclosed.
EU Ambassador to Zambia and COMESA Karolina Stasiak reaffirmed the EU’s commitment to supporting Zambia’s efforts in maximising the potential of its mineral resources.
Stasiak pledged to facilitate capital enhancement, knowledge transfer and market access opportunities, emphasising the importance of partnerships in fostering sustainable development.
“There’s potential and we are looking more closely towards countries like Zambia,” she stated.
Speaking at the same event Mines and Mineral Development Minister Paul Kabuswe stressed on the need to go into value addition as more mining activities will spearhead the country’s route to develop.
By Catherine Pule
Kalemba, April 11, 2024
