Hon. Mulambo Haimbe Urges the Korean Business Community to Invest in Zambia

Seoul, 5th June, 2024 – Hon. Mulambo Haimbe, SC, M.P, Acting Minister of Foreign Affairs and International Cooperation has urged the Korean business community to explore the countless investment opportunities that abound in Zambia for mutually beneficial partnerships that yield sustainable returns.

During the Zambia business country session held on the margins of the 2024 Korea-Africa Summit in Seoul, Republic of Korea, Hon. Haimbe highlighted sectors such as mining, agriculture, energy, infrastructure and technology for investment, and encouraged Korean companies to consider the potential in the value addition in the critical mining sector, which boasts abundant reserves of copper, cobalt, and other minerals vital to modern industries. This includes the agricultural sector which presents lucrative opportunities for investment in agribusiness, value addition, and food processing.

The Minister noted that Zambia, with its rich natural resources, vibrant culture, and strategic location, offers a myriad of investment prospects across various sectors and the Government remained steadfast in its commitment to fostering an environment conducive for business growth and development.

Hon. Haimbe stated that Mr Hakainde Hichilema, President of the Republic of Zambia is keen to enhance Zambia’s engagement with South Korea by leveraging public private partnerships for development cooperation. The Minister emphasised that the Zambian Government had implemented robust economic reforms including, streamlined business regulatory processes, and upheld the rule of law to ensure a favorable investment climate.

In addition, Hon. Haimbe underscored Zambia’s strategic location at the heart of the African continent which positions the country as a gateway to regional markets under the African Continental Free Trade Area, offering investors unparalleled access to a consumer base of over 1.4 billion people. The Minister also highlighted Zambia’s strategic location as a landlinked nation surrounded by eight countries, making it a manufacturing base and trading hub for its easy access to neighbouring markets and the ports.

The Minister acknowledged South Korea’s strides in development which included transformation of modern and efficient transportation infrastructure, including airports, roads, railways and ports. Hon. Haimbe emphasised the Zambian Government’s readiness for partnerships, through the public private partnership models with South Korean construction companies to develop and upgrade its transportation networks, improve connectivity within the country and facilitate trade with neighboring countries and beyond.

The Minister expressed gratitude to the Government of Korea for convening the Summit, which provided an opportunity to interact with the Korean business community. The Minister reiterated Zambia’s readiness to partner with the Korean business community, as the Government strives to build a future of shared prosperity and success for the people.

The Zambia business country session was organised by the Zambia Development Agency. The 2024 Korea Africa Summit is taking place from 4th to 5th June, 2024.

Issued by the Ministry of Foreign Affairs and International Cooperation