$1B Diaspora Investment Target Set

... As Musanu outlines ambitious plan to attract foreign and diaspora investments by 2030.

By Francis Maingaila ♥️

Lusaka, Zambia - (4-03-2025) - The Zambian government has called for greater collaboration between the diaspora, local businesses, and government agencies to unlock the country’s economic potential.

This appeal was made at the 2025 International Business Exchange (IBEX) Hybrid Conference, where discussions focused on leveraging diaspora contributions for sustainable development.

Foreign Affairs and International Cooperation Minister Mulambo Haimbe emphasized that the diaspora plays a critical role beyond remittances, contributing significantly to investment, knowledge transfer, and entrepreneurship, particularly in real estate, agribusiness, fintech, and manufacturing.

“The Zambian Government recognizes the invaluable contributions of the diaspora. Beyond remittances, they drive investment, transfer knowledge, foster entrepreneurship, and spark innovation,” Haimbe said.

He cited research showing that every $1 million in diaspora investment creates up to 200 jobs, emphasizing that with Zambia receiving $350 million annually in remittances, the diaspora has become a key driver of economic growth.

Haimbe noted that the government had launched the Diaspora Policy in 2019 to create a more favorable environment for diaspora participation in national development.

He reaffirmed the government’s commitment under President Hakainde Hichilema to harness the full potential of the diaspora, stating, “Diaspora engagement requires a multisectoral, whole-of-society approach.”

He further said the conference had addressed key issues such as facilitating diaspora investment, empowering small and medium enterprises (SMEs), and promoting youth and women entrepreneurship.

He outlined government initiatives aimed at increasing diaspora investment, including improved incentives, strengthened public-private partnerships, and enhanced digital and financial inclusion.

He revealed that plans were underway to host IBEX 2026 in the United States to attract global investors.

Haimbe urged stakeholders to collaborate in building Zambia’s economy, encouraging diaspora investors to reinvest in the country and local businesses to expand their international partnerships.

ZDCC’s Vision for a $1 Billion Investment

Zambia Diaspora Chamber of Commerce (ZDCC) President Freud Musanu said the country had vast investment opportunities in infrastructure, renewable energy, digital transformation, agriculture, and manufacturing.

However, he noted that inefficient travel remained a major obstacle, with investors spending up to 45 hours in transit.

“To address this, we are working with government agencies and airlines to improve flight routes and reduce layover times,” Musanu said.

He added that ZDCC was integrating artificial intelligence (AI) to streamline customs and immigration processes, making Zambia more accessible to investors.

Musanu said the chamber had set a target of attracting $1 billion in investments by 2030.

He explained that this would be achieved by promoting a 24-hour working economy, expanding tax incremental financing (TIF) for infrastructure, and ensuring equal opportunities for women and minority groups.

“Zambia cannot afford to lag behind,” he said. “We must act now.”

Musanu said ZDCC had recognized President Hakainde Hichilema with the Grand Patron and Life Membership Award for his leadership in economic transformation.

Life Membership Awards were also presented to representatives from the Ministries of Commerce and Foreign Affairs for their contributions to fostering trade and investment.

He further disclosed that, with the recent withdrawal of USAID funding, ZDCC had launched the Zambia Charity Fund (ZCF) to support local businesses, grassroots initiatives, and entrepreneurship.

“The fund aims to create jobs, provide micro-financing for SMEs, and promote Corporate Social Responsibility (CSR) from both local and international investors,” Musanu said.

Musanu called on stakeholders—including the government, private sector, and global partners—to support ZDCC’s investment drive and the Zambia Charity Fund.

“With the right vision and partnerships, Zambia can lead Africa’s economic transformation,” he concluded.

Mupapa Wood Initiative’s Experience at IBEX

Ruth Chande Ironeside, Chief Executive Officer of Mupapa Wood Initiative, described the conference as an eye-opening experience that strengthened business connections and opened new investment opportunities.

"The business conference was worth attending. I had the chance to interact with potential investors, exchange ideas, and explore growth strategies that will elevate my business to the next level," she said.

She disclosed that her company was among the exhibitors at the just-ended IBEX Hybrid Conference, where they showcased assorted high-quality furniture.

"We displayed a variety of well-crafted furniture for both local and international delegates to see. It was a fantastic platform to demonstrate the potential of Zambian-made products and attract potential business partnerships," she said.

Ironeside called on the government to promote policies that support value addition to raw materials.

"Zambia has an abundance of timber, yet much of it is exported in its raw form. If more support is given to local manufacturers, we can create more jobs, increase exports of finished products, and boost the economy," she said.

She emphasized that supporting industries that add value to raw materials would help position Zambia as a leader in high-quality furniture manufacturing in Africa.

"With the right policies and investment, we can compete with global brands and build a strong reputation for Zambian craftsmanship," she added.

Coonde Producing Company and Other Exhibitors

Among the exhibitors was Coonde Producing Company from Livingstone, which showcased its locally made products.

"We attended the international business conference at Tanika Motor Hotel, where we connected with investors and potential partners," a company representative said.

The company had previously struggled with finding customers and exporting its products internationally, but the conference opened doors for new business opportunities.

"With the right documentation, we can now explore markets outside Zambia. We are grateful for this opportunity. We are also part of the Women on Purpose Corporation," the representative added.

Another exhibitor in the gemstone industry highlighted the importance of value addition in mining.

"We are showcasing gemstones from extraction to the finished product, including cutting and polishing," the exhibitor said.

Asked about their experience at the exhibition, the exhibitor noted that it was a valuable platform to interact with international buyers and learn best practices in mineral value addition.

"We need more support from the government to enhance value addition processes and create an enabling environment for small-scale miners," the exhibitor said.