Hichilema, Masisi to attend Mining Indaba 2022
Zambia President Hakainde Hichilema and Botswana President Dr Mokgweetsi Eric Keabetswe Masisi have confirmed their attendance at the Investing in African Mining Indaba, which will be held in Cape Town from May 9 to 12.
Hichilema has pledged to foster a better democracy through respect for the rule of law, restoring order and protecting human rights. He also hopes to restore confidence in the country as a mining investment destination.
Zambia’s mining investment climate deteriorated in recent years as the previous administration pursued resource nationalism, leading to damaged relationships with investors and lower levels of investment.
According to the Zambia Extractive Industries Transparency Initiative, mining accounted for 79.5% of Zambia’s total exports and nearly 31.4% of government revenues in 2020.
Hichilema is expected to share his vision of a new dawn for Zambia, in which macroeconomic stability is restored and sustainable, inclusive economic growth is promoted. Believing that the mining sector can be an important catalyst for national development, his government is looking to significantly increase the production of copper and other minerals so that Zambia can reclaim its place as a leading miner on the continent.
To support these ambitions, Hichilema has already introduced a friendlier mining tax regime and made clear his intention to bring stability to the sector, as well as ensuring regulatory fairness and the elimination of obstacles that stand in the way of new investment.
Hichilema believes stronger relationships between the government, miners and local communities will improve equitable growth and help the country deliver for its citizens.
Meanwhile, Masisi intends to share his insights on the diversification of the mining industry and his push for greater innovation in the sector during this year’s Indaba.
Mining remains Botswana’s biggest revenue earner, accounting for about 85% of national foreign exchange earnings, one-third of government revenue and one-fifth of gross domestic product.
In recent years, the government has actively sought to diversify its economy from its reliance on mining, particularly diamonds. While Botswana continues to be one of the world’s largest diamond producers by volume, Masisi has been actively advocating for expansion and development of the country’s diamond, coal, copper, silver and gold resources.
He is also encouraging greater investment in a knowledge-based economy and the adoption of innovation in mining.
Building on the Mining Indaba 2022’s theme – Evolution of African Mining – the President is expected share his insights on Botswana’s progress and his ambition to develop a vibrant and diversified mineral sector that contributes to the sustainable development of the Botswana economy in an inclusive manner that allows for the participation of local indigenous business. The government of Botswana wants to ensure that investments in its economy offer mutually beneficial upside to both the investor and local partners.
Facilitating greater local participation in the economy led to the launch of the government’s Middle Income Strategy in December 2021. The objective the strategy is to facilitate the middle class to effectively participate in the economy through the creation of globally competitive sustainable businesses and by boosting employment opportunities.
