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Zambia has expressed interest to join the G20 Compact with Africa (CwA), as it provided opportunities to attract private investment, the Presidency has said.
State House Chief Communications Specialist, Clayson Hamasaka, said the decision for Zambia to express interest, was made following the invitation to attend the meeting in Germany, owing to the country’s recent economic transformation reform agenda.
Hamasaka in a statement issued in Lusaka on Sunday, revealed that Hichilema had since arrived in Germany, to participate in the 5th G20 Compact with Africa (CwA) conference at the invitation of that country’s President, Olaf Scholz.
He said Hichilema and his government firmly believed that, instead of relying on debt acquisition for capital, the country’s abundant natural resources can attract private investment and foster sustainable economic development.
“The key aspect of the CwA initiative is based on the premise that economic progress can be achieved through country-specific programs, rather than generic cases drawn from elsewhere,” Hamasaka observed.
He stated that in the pursuit of this approach, Hichilema had emphasized that the Compact concept was about African ownership and not external prescription.
Hamasaka said Hichilema believed that Compact Countries should take ownership of the processes in cooperation with international organizations and bilateral partners, developing tailor-made economic measures that were attractive to investors.
He stressed that the visit aligns with Hichilema’s ongoing pursuit of economic diplomacy, aimed at attracting trade and investment opportunities for Zambian citizens as part of his economic policy reform agenda.
Hamasaka said that on the sidelines of this conference, the President would also hold bilateral talks with the German Chancellor, Scholz, and the World Bank President, Ajay Banga.
“The President will also hold engagements with actors in key economic sectors including the Association of Small and Medium-Sized Enterprises, Mittelstand-BVMW,” he added.
Hamasaka noted that the primary objective of the CwA was “to increase the attractiveness of private investment through substantial improvements in the macro, business, and financing frameworks.”
He said that it would bring together reform-minded African countries, international organizations, and bilateral partners from G20 and beyond.
“Since its launch in 2017 under the German G20 Presidency, the CwA has garnered significant interest, with 13 African countries already signed up, among them leading economies such as Rwanda, Ghana, and Egypt,” he said.
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