President Hakainde Hichilema announced at a press briefing held at State House that the Zambian government has successfully secured Foreign Direct Investment (FDI) pledges amounting to a staggering US$8.3 billion in the first quarter of this year. This remarkable achievement surpasses the FDI recorded in both 2021 and 2022, which stood at US$3.2 billion and US$6.9 billion, respectively.
President Hichilema attributed this significant increase in FDI pledges to the successful implementation of the government’s policy on economic diplomacy. He emphasized the importance of Zambians understanding the purpose of his and his Cabinet members’ travels, as these visits play a crucial role in attracting investments and strengthening the country’s economic prospects.
During the press briefing, President Hichilema also addressed the economic challenges faced by Zambian citizens due to the country’s debt distress. He assured the public that the government would provide support to alleviate the burdens imposed by the high cost of living. The president emphasized that his administration is diligently working to improve the situation and mentioned specific measures being taken, such as the introduction of free education to alleviate school fees expenses.
Furthermore, President Hichilema proudly announced his selection to participate in a global forum aimed at discussing mechanisms to establish low-interest rates on financing for African countries and the private sector. This recognition demonstrates Zambia’s growing international influence and the president’s commitment to advocating for favorable financial conditions that will benefit not only his country but the broader African continent.
The president’s remarks regarding the substantial increase in FDI pledges reflect a positive sentiment about Zambia’s economic prospects under the new administration. The government’s policy on economic diplomacy appears to be yielding fruitful results, attracting a substantial influx of foreign investment. This influx is expected to drive economic growth, create job opportunities, and enhance the living standards of Zambian citizens.
President Hichilema’s acknowledgement of the economic challenges faced by the population demonstrates his administration’s commitment to addressing these issues promptly. By implementing measures such as free education, the government aims to alleviate the financial burden on families and create an environment conducive to social and economic development.
The president’s inclusion in the global forum on low-interest financing for African countries and the private sector is a testament to his international recognition and credibility. This participation will provide an opportunity for Zambia to contribute to the discourse on financial mechanisms that can stimulate economic growth across the continent. President Hichilema’s involvement signifies Zambia’s active engagement in international forums and its commitment to promoting the economic interests of African nations.