Victoria Falls, Zimbabwe – Last week, a prestigious event organized by the Young Presidents’ Organization took place in Victoria Falls, Zimbabwe. The gathering focused on exploring investment opportunities in the neighboring country of Zambia, which has been gaining recognition as a rising star in Africa. Zambia’s President, Hakainde Hichilema, has been drawing international attention with his pro-business approach and reform agenda since assuming office in August 2021.
Despite facing challenges like the global pandemic and geopolitical tensions, Zambia’s economy expanded by more than 4.7% in 2022. The country’s economic resilience is closely tied to its mining industry, particularly its significant copper exports. Copper has become increasingly crucial in the worldwide shift towards renewable energy, with Zambia aiming to significantly increase its copper production by 2032.
Major mining companies have shown confidence in Zambia’s mining sector by making substantial investments. Barrick Gold, for example, pledged $2 billion to enhance copper production at its Lumwana mine, while First Quantum Minerals announced a $1.35 billion investment in its Kansanshi mine and renewable energy projects. Zambia’s surplus hydropower potential also presents opportunities for investors, particularly in the growing data center industry.
President Hichilema’s leadership has brought newfound optimism to Zambia, with his focus on economic stability, governance reform, and creating a favorable business environment. His administration’s efforts to attract foreign investment, including partnerships with American companies, have been noteworthy. Hichilema has also taken steps to address concerns about Chinese influence by renegotiating contracts, increasing transparency, and diversifying investments.
Independence Day travel is expected to reach record levels in 2024, reflecting a strong economy and robust consumer confidence. The Transportation Security Administration recently broke its screening record, and the American Automobile Association projects a significant increase in travelers heading out for the holiday period. This surge in travel not only benefits the tourism and transportation sectors but also contributes to the broader economic recovery.
