Zambia reports $3.5 million investment leads from Intra African Trade Fair

Zambia is reported to have recorded investment leads worth US$3.5 million in different sectors of the economy at the 2023 Intra African Trade Fair (IATF) that was held in Cairo, Egypt.

This is according to the Zambia Development Agency (ZDA) in a statement on Monday.

The trade fair took place from 9th to 15th November, 2023.

Key interests in Zambian products were registered from various African countries including Kenya, Ghana, Egypt, Botswana, Uganda, Malawi and Senegal, according to Kwali Mfuni, ZDA Head Communications and Public Relations.

Other countries cited were Zimbabwe, Togo, Rwanda, South Africa and non-African countries including the USA and Russia.

“The Agency up scaled Zambia’s participation at the third IATF moving from five (05) companies in 2018 to 25 companies in 2023,” Mfuni said.

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Commenting on the development, ZDA Director General, Albert Halwampa, stressed the need for Africa to trade and invest more with each other if jobs and wealth were to be retained on the continent.

“We believe that if Africa trades more with each other, invests more with each other, we are bound to increase jobs, value addition and support our industrialisation agenda,” Halwampa said.

He pointed out a Facility Agreement and Interstate Guarantee worth US$10 million signed by Innovate General Insurance and Intra-Africa Trade Bank (IATB) as notable investment important leads which required follow-up from ZDA.

These, he said, explored how ZDA could collaborate with the company and how Zambian exporters can utilize the facility.

He explained that the ultimate goal for Zambia’s participation on the 2023 IATF was to establish a foothold in the continental market and showcase Zambia’s products and services to the rest of Africa and other international participants.

Halwampa commended IATF for creating a platform for African countries to increase exports and investment among African countries.

“We facilitated participation of 25 Zambian companies so that they can network with their counterparts from Africa and other parts of the world and generate trade and investment deals and transactions,” he said.

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