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Investing in Zambia 2011 the Conference Is Supported by FOREWORD INVESTING IN ZAMBIA 2011 The conference is supported by FOREWORD Foreword H.E. ANDERSON K. CHIBWA HIGH COMMISSIONER OF THE REPUBLIC OF ZAMBIA TO MALAYSIA t gives me great pleasure to present launch the Sixth National Development to you the Zambia Investment Plan, 2011-2015 to develop human IReport for 2011 as an introduction capital and implement solid investment to Zambia and its investment climate. projects, especially in transportation and The Zambia Investment Forum 2011, power that will fundamentally improve Kuala Lumpur is the first effort by the the country’s growth prospects and long Zambia High Commission in Malaysia to term structural issues. This all culminates promote Zambia in South East Asia as an into a favourable investment climate alternative destination and regional hub needed to support growth. for investments within Southern Africa. Lastly, I would like to express my sincere The Forum takes place at a time when gratitude to Developing Markets Associates, Africa’s new trading partners search Africa Matters and all our sponsors who for direct investment opportunities. have helped make the forum possible. This is also a time when there is still some uneasiness after the impacts of the global The government and people of the economic downturn. Fortunately, due to Republic of Zambia are ready to welcome a smooth process of economic reforms, you to today’s event where information Zambia is one of the countries in Africa will be provided on the key areas for that proved to be resilient during the business and investments. recent global financial crisis and offers good prospects for the years ahead. Plans such as the Private Sector Development Plan, and the Financial Sector Development Plan are now underway to bring the country to middle income status by 2030 with long term growth strategies to fully integrate H.E. Anderson K Chibwa Zambia into the global economy. High Commissioner of the Later this year the government will Republic of Zambia to Malaysia 2011 | INVESTING IN ZAMBIA 1 INTRODUCTION Introduction BaRONESS CHALKER OF WALLASEY CHAIRMAN, AFRIca MatteRS LtD t is my pleasure to welcome you to Zambia is blessed with some of the most this Zambia Investment Forum. The spectacular scenery in Africa, including IGovernment of Zambia brings to the Victoria Falls. And with huge tracts of Kuala Lumpar today a strong delegation fertile land which enables extensive and led by Hon Situmbeko Musokotwane, varied crop growth and the extensive Minister of Finance and National farming of livestock, the country is well Planning, illustrating the commitment of placed to be able to take over as the the Zambian government to attracting region’s breadbasket. The increased investment to the country. I know that a concern for food security among many vital link will also be HE Anderson Kaseba countries of the world offers Zambia Chibwa, Zambian High Commissioner a further opportunity to develop this to Malaysia, who initiated today’s strong agriculture base. investment drive. The purpose of this Investment Forum It is testament to the strength of Zambia’s is to update investors and potential economic and political foundations, not investors on Zambia’s progress: to to mention its people that, in a region learn what has been and is being done which has experienced conflict and to improve the investment climate, to upheaval, Zambia has remained at peace, examine the many opportunities which and prospered. Many challenges, of now exist, and to hear from those course, exist but Zambia has weathered who have already taken a stake in the the global economic downturn robustly country’s future. and its own economy continues to grow, by a highly respectable 6.6% in 2010 and By 2030 Zambia intends to attain with a strong forecast for 2011. middle-income status. Today there is an opportunity to engage with this Today we will hear about opportunities extremely senior government delegation in mining, as would be expected in a to learn more of those plans and how country so generously endowed with the private sector can play its part, and such reserves; but how many are aware to understand that Zambia is truly a place that nickel deposits are likely to overtake where businesses can, and will, flourish. copper as Zambia’s main mineral export commodity? Outside of the mining sector, we will be hearing about the major steps that the government is making – and the major investment opportunities – in growing key sectors such as Energy Baroness Chalker of Wallasey and Tourism. Chairman, Africa Matters Ltd 2 INVESTING IN ZAMBIA | 2011 CONTENTS Contents ECONOMIC OVERVIEW 4 POLITICAL HISTORY 12 AGRICULTURE 14 ENERGY 16 INFRASTrucTURE 18 MINING 20 TOURISM 22 SPONSORS 25 Publisher: Chris Gerrard Contributors: Jonathan Capal, Cosima Cassel, Manji Cheto, Natalia Debczak-Debski, Justine Doody, Derek Ingram and Moin Siddiqi Art Director: Steven Jones Conference Team: Deanne Lintorn, Jennie Wengrovius Conference Directors: Debbie Goldthorpe, Leon Isaacs, Atam Sandhu Correspondence Developing Markets Associates Ltd (DMA), 150 Tooley Street, London, SE1 2TU email: [email protected] | web: www.developingmarkets.com | www.moneymove.org | www.sendmoneypacific.org DMA acknowledge the assistance of all the individuals and organisations who have contributed to his publication. The views expressed herein are the opinions of the authors, and do not necessarily represent the High Commission of Zambia, the Government of Zambia, DMA or AML. All rights reserved. No part of this publication may be reproduced or transmitted in any form without the written permission of the publisher. Published by Developing Markets Associates Ltd (DMA) Printed by Xpress Print Picture credits: istockphoto.com © Developing Markets Associates Ltd 2011 | INVESTING IN ZAMBIA 3 ECONOMIC OVERVIEW Resource-rich Zambia set for a strong decade BY MOIN SIDDIQI, ECONOMIST ambia, strategically located Zambia has weathered recent waves and base-metal prices are rising – thanks in Southern Africa, is among of external shocks – soaring prices of to a revival in global industrial production. Z the region’s fastest growing food and fuel, as well as the OECD- Zambia produces about 55% of Africa’s democratic countries, showing great wide recession – exceptionally well, mineral copper output and planned mega resolve both socially and economically. with economic growth only slowing investments will help underpin the sector’s Since 2000 the country has made great from 6.2% in 2007 to a low of 5.7% in continuous growth. The Chamber of strides towards fostering a climate for 2008 before edging upward to 6.3% Mines projects copper output exceeding sustainable, vigorous output growth and 6.6%, respectively, over 2009 and the milestone 1mn tonnes level by 2012, – a prerequisite for much needed job 2010, according to the International compared to 740,000 tonnes in 2010, as creation and poverty alleviation; fiscal Monetary Fund (IMF). The Fund has US$5bn worth of investments in recent probity; expanding the private sector’s commented: “Zambia’s economic years bring dividends. contribution to national income; and prospects continue to improve, thanks realising a longer-term vision of a to sound macroeconomic policies and Nominal gross domestic product (GDP) diversified and ‘self-sufficient’ economy. progress in structural reforms. Growth swelled by a massive seven-fold over Good policy making and political stability remains strong, inflation is subdued, and the period 2000-2010 and is projected have facilitated substantial foreign direct the external position has been solid.” by the IMF to reach 76bn Kwacha (KZ), investment in mining as well as other or US$15.8bn, representing a compound sectors of the economy, such as tourism, External demand for Zambian products is annual growth rate (CAGR) of 59.5%, manufacturing, construction, power, strong, with more than half of its exports driven by higher output in the mining, financial services and non-traditional now going to Asia and the Middle East. construction and agriculture sectors, as agriculture, thus creating many thousands The mining sector (led by copper) well as the pursuits of macro-prudential of jobs during the past decade. accounts for nearly 80% of total exports policies and structural reforms, focusing 4 INVESTING IN ZAMBIA | 2011 ECONOMIC OVERVIEW on privatisations, trade liberalisation and Britain, the US, Japan, Sweden, Denmark Officials put China’s total investment since improving the business climate. and the European Union (EU). 2007 at US$6.1bn, mainly in the mining industry, creating over 15,000 jobs. Beijing The construction boom, led by A SAFE INVESTMENT has pledged US$5bn in loans to private megaprojects in sectors such as energy, DESTINATION Zambian mining companies, reinforcing its mining and transport, has benefited centrality to the sector’s future. CNMC cement, steel and timber producers. Zambia is one of the most open countries intends to invest a further US$600mn President Rupiah Banda says: “Zambia to foreign direct investment (FDI), as this year. The government has abolished a is currently undergoing the biggest measured by the World Bank’s Investing 25% mining windfall tax, which has helped surge in development and construction Across Borders 2010 indicators. All its boost miners’ profits. that we have seen in our history. This key sectors – notably mining, telecoms, government’s vision is to complete banking/finance, electricity, real estate The private investment climate has development projects and to ensure that and tourism
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