Japan pledges $1.5 billion to boost Zambia’s mining sector

A support of US$1.5 billion has been pledged by the Japanese government to support investment by companies from that country to boost Zambia’s mining sector.

The Japanese business corporation is eager to invest in the country’s mining industry, according to Japan’s Minister of Economy, Trade and Industry (METI) Saito Ken.

Ken said this during a bilateral meeting held earlier at the METI Offices in Tokyo.

METI Vice Minister, Taku Ishii, reaffirmed the pledge during the Japan-Zambia Investment Seminar in Tokyo on Wednesday organised by the Japan Organisation for Metals and Energy Security (JOGMEC).

Ishii said the Japanese government seeks support from the Zambian government once the investment became materialised and hoped to conclude the investment agreement as soon as possible.

“I have heard from the former Minister that His Excellency President Hakainde Hichilema has high hopes for Japan to use its capital and technology to create value addition and jobs for the young generation in your country. Our country shares the same sentiment.

“We aim to build a win-win relationship that will create jobs in your country not only through mine development, but also through the creation of supply chains for smelting and processing, human resource development and technical cooperation”, he said.

In response, Mines and Minerals Development Minister, Paul Kabuswe, proposed continued cooperation and support in geochemical and geophysical mapping of the country.

Kabuswe said this would supplement geological mapping/exploration and ultimately increase investment in the exploration and mining sector.

He further sought continued cooperation and support in building capacity at the geological survey department, particularly in new and advanced technology of geological, geophysical, and geochemical mapping, among others.

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