Government says it is implementing reforms aimed at reducing the cost of doing business and making the country a more attractive investment destination for Brazilian businesses and other investors.
Ministry of Commerce, Trade and Industry Permanent Secretary for Investment and Industrialisation, Crusivia Hichikumba says Zambia seeks to deepen trade and investment cooperation with Brazil, particularly in agriculture, manufacturing, tourism, mineral value addition, healthcare, infrastructure and renewable energy.
Speaking in Lusaka today when he officiated at the Zambia-Brazil Business Forum, which is being held under the theme: Cooperation, Trade and Investments, Mr Hichikumba said the forum provides an opportunity for Brazilian and Zambian businesses to explore joint ventures, share knowledge and identify new trading opportunities.
“This Business Forum represents a milestone in strengthening commercial and investment ties between the Republic of Zambia and Brazil,” he said.
Mr Hichikumba says the government is undertaking reforms to simplify business registration processes and strengthen the regulatory framework as part of efforts to improve the business environment.
“The government of the Republic of Zambia has undertaken and continues to embark on significant reforms to improve the cost of doing business through simplifying registration processes and enhancing the regulatory framework,” he said.
Mr Hichikumba has further encouraged Brazilian entrepreneurs to explore opportunities in agricultural processing, manufacturing, mineral value addition, healthcare and infrastructure.
He pointed out that there is also strong potential for cooperation in agro-processing, plastic products, light engineering, renewable energy and information and communication technology.
However, Mr Hichikumba noted that despite the potential for increased economic cooperation, bilateral trade between Zambia and Brazil has not yet reached significant levels.
He further said the forum is therefore expected to help address this gap by creating opportunities for business matchmaking and stronger private-sector partnerships.
Mr Hichikumba has since urged Brazilian businesses to use the forum to connect with Zambian enterprises, while establishing lasting partnerships, adding that stronger engagements between the two countries has the potential to increase trade and investment while contributing to economic growth and shared prosperity.
Speaking at the same event, Zambia Development Agency (ZDA) Director General Albert Halwampa, highlighted Zambia’s stable economic policies, peaceful political environment and ongoing business reforms as key factors that make the country an attractive investment destination for Brazilian companies.
Mr Halwampa said the country has undertaken significant reforms to reduce red tape and create a more predictable environment for investors and exporters.
He explained that Zambia’s leadership has placed private-sector development at the centre of economic reforms, including through the Public-Private Dialogue Forum, which provides a platform for businesses to identify regulatory bottlenecks and work with the government to resolve them.
“We want to reassure you, investors from Brazil, when you come to Zambia, we believe in moving towards zero red tape, zero challenges, as far as providing an environment for you to invest,” he added.
Mr Halwampa charged that the establishment of the Presidential Delivery Unit has further strengthened the implementation of reforms by assigning timelines for resolving identified bottlenecks.
He also mentioned that predictable and stable government policies are also critical for investors because businesses need certainty when planning long-term investments.
Mr Halwampa encouraged Brazilian companies to consider Zambia not only as an investment destination but also as a base for exporting goods and services to other African markets.
And Brazilian Ambassador to Zambia Arthur Nogueira has urged Brazilian businesses to increase investment and trade with Zambia, saying Zambia has overcome various economic challenges and is ready for business.
Mr Nogueira said measures to address these problems had improved the country’s economic outlook and increased confidence in its business environment.
He highlighted Brazil’s expertise in tropical agriculture, livestock and disease control and pest management, while noting that similar environmental conditions could support cooperation in agriculture, energy, manufacturing and trade.
Also at the event, Ambassador Alex Giacomelli from the Ministry of Foreign Affairs in Brazil said Brazil is seeking to deepen trade and investment relations with Zambia as part of its renewed drive to strengthen economic partnerships with Africa.
Mr Giacomelli acknowledged that although bilateral trade has been growing, it remains at a modest level, creating significant scope to diversify trade and investment between the two countries.
He said the two countries need to build long-term solutions based on patience and resilience in response to growing global uncertainty and changes in globalisation.
Meanwhile, President of ApexBrazil, a Brazilian Trade and Investment Promotion Agency, Laudemir Muller said Brazil is ready to support Zambia’s economic transformation through technology transfer, investment and stronger business to business linkages.
Mr Muller said Brazil sees significant opportunities to partner with Zambia in modernising agriculture by providing agricultural machinery, bio-inputs, animal genetics and technologies developed for tropical conditions.
He also said Brazilian companies are also ready to provide specialised machinery and technical expertise to help Zambia process its raw materials locally, increase domestic supply and promote value addition.
He further identified renewable energy, biomass and biofuels as areas where Brazil can support Zambia in diversifying its energy mix and meeting the energy needs of industries and rural communities.
ApexBrasil and the Zambia Development Agency have signed a Memorandum of Understanding aimed at bringing Brazilian and Zambian companies closer together and creating new opportunities for trade and investment.
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