At the invitation of the Japanese Prime Minister, Shigeru Ishiba, President of the Republic of Zambia, Mr. Hakainde Hichilema, embarked on a 5-day state visit to the East Asian nation from the 2nd to 7th of February. The Head of State was accompanied by Ministers in the Ministry of Commerce, Trade and Industry, Infrastructure and Urban Development and Foreign Affairs and International Cooperation; in a delegation which included Director General of the Zambia Development Agency, Dr. Albert Halwampa and President of the Zambia Association of Manufacturers, Mr. Ashu Sagar. In a stay that included high level engagements, the penultimate day would see President Hichilema grace a gathering of Japanese and Zambian firms, organized jointly by ZDA and the Japanese External Trade Organization (JETRO).
President Hichilema was slated to deliver a key note address at The Business Forum, followed by remarks from Dr. Samuel Maimbo, Zambia’s candidate for the AFDB Presidency, Dr. Albert Halwampa and Mr. Ashu Sagar. The event attracted scores of Japanese and Zambian business leaders with immense potential for joint ventures and partnerships amongst firms. Recognizing and capitalizing on this, President of the Zambia Association of Manufacturers, Mr. Ashu Sagar shed light on the Zambian economy’s huge potential across several sectors, with a special focus on Manufacturing. To depict the history of bilateral relations between the two countries, the ZAM President’s presentation highlighted the longstanding nature of this relationship which dates 61 years, with Japanese investment in the Zambian economy in this period reported at $761 million.
Having underscored the legacy of economic diplomacy between Japan and Zambia, Mr. Sagar pivoted towards areas of cooperation presented, at this point in time. He further highlighted Zambia’s position in South-Central Africa as a beacon of democracy and macro-economic stability, underpinned by the rule of law, property rights, independence of the Judiciary and debt sustainability. Remarking the country’s status as the first to successfully restructure its external debt under the G20 Common Framework, Mr. Sagar described this as testament to President Hichilema’s Government’s commitment to fiscal prudence and economic stewardship, in creation of an environment highly conducive to private sector growth and returns on investment.
In reference to competitive advantages within the Manufacturing sector, the ZAM President’s presentation highlighted Zambia’s abundant resource endowments, including mineral and water resources, arable land and a youthful population. In the mineral sector, Zambia hosts 10% of the world’s cobalt reserves. The Copperbelt region in particular has, for a century, been well regarded for its substantial deposits of copper. Only recently, the largest copper deposit ever unearthed in Zambia, and one of the largest ever found in the world, was discovered at the Mingomba Mine in Chililabombwe testament to the vast, still-to-be exploited, potential in copper mining. Similarly, outside of mining, Zambia is host to 45% of the water bodies in the Southern African Development Community (SADC) bloc which spans 16 member countries. Nearly 50% of this bloc’s water resources being found in Zambia, uniquely position’s our economy to meet the rising demand for food products, leveraging agro-practices such as precision farming and water harvesting. Zambia’s plentiful water resources can further place her at the centre of meeting the energy deficit within Southern Africa, through increased investment in hydro-electric power generation. Finally, 35% of the Zambian population is aged between 15 and 35 years. This demographic provides adequate, energetic and able-bodied human capital to drive industrial and economic growth.
To conclude, in the aftermath of the Head of State’s tour of Japan, the media has been replete with reports of the engagements held. This included audience with offices of the highest authority within Japan, namely, the Emperor and the Prime Minister. Interactions with private sector, equally, featured prominently, not least with heads of the Toyota cooperation and JFE, amongst others. Culminating in the business forum, with a broad spectrum of Japanese and Zambian firms, the President’s trip has left the nation highly expectant of the outcomes of this state visit. As Manufacturers, we were ably represented by our President, Mr. Ashu Sagar. And, like the general citizenry, we wait with anticipation to evidence outcomes of these engagements, particularly through joint ventures with our Japanese counterparts, leveraging theirs and our expertise, in the belief that together, we can advance shared and mutual prosperity.
The Author is Policy Analyst at the Zambia Association of Manufacturers and Member of the Economics Association of Zambia.
Image courtesy of znbc.co.zm
