Zambia’s macroeconomic objectives include accelerating the diversification of the economy, particularly towards tourism, energy, agriculture and agro-processing as well as creating employment opportunities through accelerated implementation of programmes such as the Industrialisation and Job Creation Strategy and the Youth Empowerment Action Plan.
Zambia is a member of the Commonwealth which has a total membership of 53 countries and is supported by a network of more than 80 intergovernmental, civil societies, cultural and professional organisations that together form the Commonwealth family. There is a favourable business and investment climate in the country, including being ranked among the top-10 best African countries for business out of the 54 nations on the Continent by the world-acclaimed finance and investments news outlet, Forbes report for 2015. Zambia is ranked among the fastest-growing economies in the world in the last 10 years. The country’s ranking by Forbes is also augmented by the Milken Institute in the 50 per cent globally on the Investment Opportunity Index. Peace and security are assured as the country ranks highly in the community of nations on the peace index.
Strengths in Zambia favour include abundant natural resources and abundant, cheap manpower, political stability and one of the most liberalised economies that guarantee foreign investments is safe and no controls on foreign exchange earnings.
A diverse portfolio of financial, legal and insurance services of international standards makes Zambia an ideal place to do business. The country has also signed double-taxation agreements with some European, African and Asian countries to the benefit of market players.
Zambia’s main export is copper but the country has put up measures to diversify to grow its economy further looking at the recent challenges in the copper prices and other industry dynamics.
Investment opportunities abound in many sectors in Zambia but the priority investment Sectors as directed by Government and mandated to be carried out by Zambia Development Agency are:
- Energy sector- with emphasis on alternative and renewable sources( For too long, Zambia has been dependent on Hydro-electricity and this has caused a challenge in the recent times due to low rainfall resulting in low water levels)
- Infra-structure development ( including the ambitious Link Zambia 8000) to open up the country and improve access to markets.
- Agriculture including Agro-processing for value addition of crops
- Tourism- including revamping of infrastructure
- Multi-facility Economic Zones
The Country has a liberalised trade regime and subscribes to International trading rules and is a member of the World Trade Organisation
Markets for Zambian goods extend to the COMESA, SADCC and the rest of the Southern African region as well as AGOA and bilateral arrangements with countries and markets overseas.
Trade & Economics
In a growing economy