President Hichilema meets Cyril Ramaphosa
President Hakainde Hichilema today held a meeting with his South Africa’s counterpart Cyril Ramaphosa to find common grounds for harnessing development in rich mineral resource countries.
President Hichilema also held several private engagements with key stakeholders in the mining and financial sectors to stir investments into the country’s economic growth.
Key to this was to woo investments in the mining and supporting sectors such as energy, infrastructure, logistics and manufacturing with an aim of boosting Zambia’s economy.
Other key stakeholders that the Head of State met were Stanbic Bank and Standard Bank of South Africa, Standard Chartered Bank, the Extractive Industry Transparency International (EITI) among others.
The Head of State also had time to discuss Zambia’s investment opportunities to Xcalibur Metaphysics, Anglo American Chief Executive Officer and Rio Tinto.
President Hichilema said he will continue to attract investment opportunities to rekindle economic growth and job creation for the Zambian people.
And speaking after he met President Hichilema, EITI Executive Director Mark Robinson described his interaction as successful.
Mr Robinson said among the issues that was discussed was how the EITI can align with Government priorities in the mining sector.
He noted that it was gratifying that the government has shown commitment to remove barriers that affect investment in its natural resources.
“We want to work with the Government in having proper registered documents that clearly spell out who should benefit from the mines,” he said.
Meanwhile, Stanbic Bank Zambia says Government’s aspiration to increase copper production is a positive development for Zambia as it works towards achieving three million tonnes of copper production annually in the next 10 years.
Speaking in an interview with ZANIS in Cape Town, South Africa after holding a private meeting with President Hakainde Hichilema, Stanbic Bank Zambia Limited Chief Executive, Mwindwa Siakalima reiterated government’s focus on sustainable growth of the mining sector that will unlock potential into tangible benefits for the country.
Mr. Siakalima said it is important to note the President Hichilema has clearly outlined policy measures which states that Africa should direct its efforts towards beneficiation and turn ‘potential’ into ‘tangible benefits’ that will stimulate economic growth through job creation and resuscitation of other social economic sectors.
He said it is vital to scale up mining production by focusing on supporting industries which include energy, infrastructure and manufacturing sectors, which are important levers in the value chain.
‘Though mining contributes 10 percent to Zambia’s GDP, it’s important to note that it brings in about 70 percent of the country’s foreign exchange revenue. Thus it is important to look not only at investments in exploration opportunities, but on supporting sectors of energy, infrastructure and manufacturing. We also need to continue supporting the mining value chain, focusing on expansion of the downstream players for key commodities,’ said Mr. Siakalima.
Mr. Siakalima stated that Stanbic Bank has on-the-ground knowledge and expertise of the different geographies which makes it to be the leading bank in financing and offering of expert solutions for mining investments portfolios.
He said the bank plays a key role in accelerating economic growth in Zambia through relevant financial solutions and advisory services.
Mr. Siakalima further explained that mining is an important driver of long term investment and that a renewed mining sector can be the primary driver of economic growth and job creation.
He added that launch of the Public Private Dialogue Forum that was recently launched by President Hichilema is an indication that Zambia is open for business and attracting more investment.
Mr. Siakalima has expressed confidence that this year’s mining indaba is a good platform as it aligns with the country’s focus on green and sustainable economy.
He also noted that the Indaba provides for business linkages and brings together players in mining that can benefit not only Zambia, but all African mining countries.
This year’s investing in African Mining Indaba, is being held under the theme: ‘Evolution of African Mining: Investing in the Energy Transition, ESG and Economies.’
