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Zambia and Japan have taken a significant step towards deepening their economic relationship by signing a Bilateral Investment Treaty (BIT).
The agreement aims to promote and protect investments between the two nations, providing a strong framework for future cooperation and growth.
The treaty was signed during President Hakainde Hichilema’s official working visit to Japan, marking a key milestone in the bilateral relations between the two countries on Thursday.
In addition, President Hichilema invited Japanese companies to explore investment opportunities in Zambia, particularly in the copper and critical minerals sectors.
He emphasized the importance of investing in the energy sector, which will be essential for achieving Zambia’s ambitious target of 3 million tonnes of annual copper production.
“By establishing a clear framework for investment, Zambia and Japan expect to see increased economic cooperation, job creation, and sustainable growth,” President Hichilema said.
This development is particularly significant for Zambia as it seeks to diversify its economy and attract foreign investment.
The BIT is expected to enhance the country’s investment climate, making it more appealing to Japanese investors and contributing to economic development.
“Today, as your Chief Marketing Officer, I had the honor of attending the Zambia-Japan Business Forum in Tokyo, where we proudly showcased Zambia’s abundant natural resources, peaceful environment, and stable investment climate to over 100 Japanese companies,” President Hichilema wrote on his official Facebook page.
He reaffirmed Zambian government’s commitment to supporting investment, including Japanese investment, in Zambia, a commitment further solidified during his bilateral meeting with the Japanese government earlier in the day.
President Hichilema expressed confidence that Zambia was the ideal destination for business and looks forward to a stronger partnership with Japan.
On Thursday, President Hichilema also met with Prime Minister Shigeru Ishiba to reaffirm the long-standing ties between the two countries.
During the meeting, they discussed two key agreements: the Policy Dialogue Mechanism for regular political consultations and the Bilateral Investment Agreement to foster and protect investments.
“On behalf of the Zambian people, we thanked Prime Minister Shigeru for Japan’s continued support in sectors such as mining, agriculture, and infrastructure development,” the President stated.
To further strengthen the cooperation, Zambia and Japan agreed to enhance their bilateral policy dialogue. President Hichilema also expressed gratitude to the government and people of Japan for their warm hospitality during the working visit.
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