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The Japanese government has called on Zambia to finalise the signing of an investment treaty, which is expected to facilitate increased Japanese investment in the country.
Japan’s Minister of Foreign Affairs, Kamikawa Yoko, reaffirmed her government’s commitment to supporting Zambia across various sectors of the economy.
Yoko made this statement during a bilateral meeting with Zambia’s Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, in Tokyo on Monday.
This development was disclosed in a statement issued by Faith Chilube, the First Secretary for Press and Public Relations at the Zambian Embassy in Tokyo, Japan.
The meeting took place on the sidelines of the Tokyo International Conference on African Development (TICAD) ministerial meeting, which is part of the preparations for TICAD 9, scheduled to be held in Yokohama in 2025.
Yoko assured Musokotwane that Japan shared fundamental values and principles with Zambia, considering the country an all-weather friend.
“The donation of US$ 2 million towards addressing the current food crisis caused by the drought is evidence of this friendship,” she noted.
She reaffirmed Japan’s commitment to further strengthening bilateral relations, particularly in economic cooperation on mineral resources.
Additionally, Yoko commended Zambia for its significant progress in external debt restructuring under the G20 framework for sovereign debt treatment.
Yoko reiterated Japan’s unwavering support for Zambia and expressed the country’s readiness to sign an agreement concerning its debt restructuring program with Zambia.
The TICAD ministerial meeting, held from August 24 to 25, 2024, focuses on accelerating African development through discussions centered on three pillars: economy, society, and peace and stability. Delegates from 47 African nations were in attendance.
In her opening remarks, Yoko urged participants to discuss Africa’s future as a global growth center, emphasizing that their discussions would shape the continent’s trajectory.
Minister Musokotwane emphasized the importance of deepening cooperation between Zambia and Japan.
“There is a need for cooperation to evolve towards self-sufficiency for Zambia and Africa in general by focusing more on development, attracting Foreign Direct Investments (FDI), and thereby reducing borrowing by countries,” he said.
He also encouraged Japanese companies to invest in Zambia, highlighting the country’s abundant natural resources essential for a green economy.
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“Zambia is endowed with critical minerals such as copper, nickel, manganese, lithium, cobalt, and others. We invite Japanese companies to invest in the mining sector and ensure value addition is achieved,” Musokotwane said.
The minister underscored the importance of value addition in creating a win-win situation for all stakeholders and promoting job creation. He reiterated the government’s commitment to providing a conducive business environment, as evidenced by the ongoing reforms.
Musokotwane also expressed his gratitude to Japan for its assistance over the last 60 years of diplomatic relations, particularly in sectors such as health, education, and infrastructure. He specifically thanked Japan for the recent donation of US$2 million towards Zambia’s drought response.
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