THE visit by a delegation of Swedish investors is testimony to Zambia’s attractive investment climate.
Zambia has made huge strides in reforming her macro-economic policy framework to make the country an ideal investment destination.
And potential investors are responding favourably to the investment climate.
Last week, investors from Sweden were the latest to visit the country for an on-the-spot check.
The delegation of Swedish investors, seeking to pump millions of dollars into various sectors, including energy and agriculture, were led by Zambia’s deputy ambassador at the embassy of Zambia in Sweden, Anthony Mukwita.
The Swedish are eager to come to Zambia and invest in the energy sector, including the transport sector.
Scores of Swedish companies have expressed interest in participating in the energy conference of Zambia slated for the end of this month as the country grapples to plug a 2,400 megawatt power deficit.
The Swedish business delegation, which has since returned to Stockholm, is expected back in Zambia for advanced investment discussions.
The country’s top diplomat, President Lungu, has since welcomed intentions by Swedish investors to pump millions of United States dollars into various sectors of Zambia’s economy and assured them the country is ripe for foreign direct investment (FDI).
President Lungu says FDI will help Government lift many Zambians out of cyclical poverty.
Special assistant to the President for press and public relations Amos Chanda, who met an investment team from Sweden in his office at State House last Friday led by Embassy of Sweden in Zambia deputy head of mission David Viking, conveyed the President’s desire for foreign investment.
Mr Chanda told the Swedish delegation that President Lungu would “pull all the stops” to ensure an undisrupted flow of investment and improved economic diplomacy engagement with the Nordics and indeed other countries interested in trade co-operation with Zambia.
President Lungu wants an industrial revolution, and the sectors into which the Swedes intend to invest are critical towards Zambia attaining that dream.
Energy and agriculture are crucial for the country’s socio-economic development.
To achieve industrialisation, Government is reviewing policies that also hinder investment flows in some sectors.
These include electricity tariffs and subsidies, which Government is reviewing to create a level playing field.
Low electricity tariffs have been a concern of many investors because of the tendency of distorting money markets.
Government has since removed some subsidies to create an environment of competitiveness and profitability.
The political will demonstrated by Government in removing some subsidies is indeed key to attracting investments to critical areas of the economy.
Zambia needs FDI to remain competitive and it all comes with foreign investors.