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The Zambia Development Agency (ZDA) says it has reduced the time frame in which investment licences are issued from 10 days to three hours.
This announcement was made by the ZDA Director General, Albert Halwampa, at the Zambia-Hungary business forum in Lusaka.
Halwampa noted ZDA was working with investors to handhold them in every step they take and help them where they find challenges. ZDA, he explained, was doing this to ensure both local and foreign investors succeed.
“We have made improvement in some processes such as the issuance of investment licences where one can even apply online and get it within a day.
“You know there are countries we are competing with such as Rwanda and Kenya they give in six hours but we are doing much better because we now do it in three hours,” Halwampa said.
At the same event, Commerce, Trade and Industry Permanent Secretary – Investments and Industrialisation, Crusivia Hichikumba, said Zambia had recorded a substantial increase in committed investments from US$3 billion in 2021 to about US$40 billion last year.
Hichikumba said this was supported by the good governance and favourable policies for investment.
He noted that government had put in place policies and institutions to promote economic growth such as the creation of Special Economic Zones intended to promote the manufacturing and export of finished products.
“The business landscape in Zambia has seen remarkable developments in the last six decades, with significant growth in various sectors contributing to the country’s gross domestic product.
“We have witnessed the expansion of industries such as mining, agriculture, manufacturing, health and education among others which have played a pivotal role in driving economic growth and creating employment opportunities for our people,” he said.
Meanwhile, Hungary Charge d’Affaires, Viktor Fulop, expressed optimism that the event would fill a vital gap and establish a new tradition that foster business and cultural ties between the two countries.
Fulop said despite the Hungarian diplomatic mission being established in Zambia only three years ago, companies and investors from that country had been here for over a decade.
“The timeliness of this forum is underscored by the presence of Hungarian companies with significant experience in water management, a particularly relevant topic due to the effects of El Nino.
“Additionally, there are Hungarian Information Technology companies present that offer solutions which can support Zambia’s economic objectives,” he said.
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