By 
The Zambia Chamber of Commerce and Industry (ZACCI) has projected transformative economic benefits for Zambia, Angola, and the Democratic Republic of Congo (DRC) through the Lobito Corridor Investment Project.
The corridor is expected to streamline trade routes to global markets, potentially boosting trade and investment by 20 percent in key sectors such as mining, agriculture, and manufacturing.
ZACCI Chief Executive Officer, Elvin Nasilele, noted that the project would enhance export opportunities for Zambian goods, expanding the country’s economic influence in the region.
“The Lobito Corridor will enable small and medium enterprises (SMEs) to integrate into regional and global value chains, particularly in agriculture and mining,” Nasilele stated on Wednesday.
“This will enhance their competitiveness and resilience, driving sustainable growth.”
He highlighted Zambia’s potential to become a logistics hub, leveraging its central location to reduce transit times and costs, thereby improving trade profitability for businesses.
Read more: Business group urges Zambia, DRC to address security issues for uninterrupted cross-border trade
“The shorter route to the Atlantic Ocean will significantly lower shipping costs, making Zambian exports more competitive globally. This will also benefit importers and exporters, fostering increased trade volumes and economic growth,” Nasilele added.
He also emphasized the potential for value addition in agriculture and mining, predicting the rise of processing industries near transit points, which could spur industrial growth and diversification.
The project is expected to create jobs in construction, logistics, and warehousing, contributing to skills development and economic empowerment across the region.
Additionally, improved infrastructure is projected to likely to attract foreign direct investment (FDI) in mining, agriculture, and other sectors.
Nasilele praised President Hakainde Hichilema’s proactive leadership in advancing Zambia’s trade and economic agenda.
He noted the significance of President Hichilema’s participation at the Lobito Corridor Summit in Angola alongside Presidents Joe Biden (United States), João Lourenço (Angola), and Félix Tshisekedi (DRC).
“This summit reflects Zambia’s commitment to fostering regional and international partnerships, unlocking new economic opportunities, and strengthening regional integration,” Nasilele concluded.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments