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Minister of Technology and Science Hon. Felix Mutati Advocates for Mutual Investment Partnerships at OECD

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Minister of Technology and Science Hon. Felix Mutati Advocates for Mutual Investment Partnerships at OECD

Paris, France – 7th November 2024.

Minister of Technology and Science, Honourable Felix Mutati has addressed a high-level Investment and Sustainability meeting at the Organisation for Economic Co-operation and Development (OECD), calling for mutual investment partnership with Zambia that delivers benefits.

The discussion, held under the theme “Industrial Policies: An opportunity or risk for Boosting Sustainable Investment,” explored current global industrial policy trends and their impact on international investment flows, sustainable development, and particularly the green and digital transitions.

Hon. Mutati declared that Zambia and the rest of Africa have dropped the begging bowl, moved away from dependency on aid, and are now focused on forming mutual investment partnerships based on mutual respect, acknowledging that every country has unique capabilities to contribute. The Minister underscored the importance of mutual partnerships to drive investments that address global issues, such as energy and climate change, while leveraging digital transformation as a key driver of economic transformation by mobilising necessary private sector resources.

The Minister reiterated the importance of establishing credibility and trust in the reform process, aligning with international best practices to attract private sector investment.

In this regard, Hon. Mutati outlined several policy measures implemented under President Hakainde Hichilema’s administration to create a favorable investment environment, such as debt restructuring, which has bolstered investor confidence, and resolving protracted legal disputes with mining companies, unlocking $1.5 billion in private sector investment from a mining firm, including investment in nickel mine, which is poised to create job opportunities.

Additionally, Hon. Mutati highlighted the establishment of the Private Public Dialogue Forum aimed at reducing bureaucratic barriers to private sector investment and the creation of the Presidential Delivery Unit to ensure the implementation of investment projects. The Minister stated that the introduction of pro-investment incentives in telecommunications facilitated nearly $60 million in digital infrastructure investments in 2023, enhancing Zambia’s connectivity with all eight neighboring countries. He also mentioned the development of a comprehensive digital transformation strategy aimed at promoting financial inclusion, digital skills, and entrepreneurship in mining, energy, manufacturing, and tourism sectors.

Hon. Mutati noted the positive impact of investment in free education, which has brought on board 2 million children into schools an initiative aimed at building a foundation for the future by promoting digital literacy and skills.

Regarding climate change, Hon. Mutati stated that the crisis has provided an opportunity for innovation in the energy sector, creating sustainable solutions that lead to private sector investments in renewable energy.

During a subsequent panel discussion on accelerating investment in climate adaptation, Zambia Development Agency Director of Investments Mr. Chimuka Nketani outlined the government’s strategic focus on three priority areas of investment: energy, agriculture, and electric vehicle battery production. He emphasized that policy reforms have been instituted to accelerate investment in the energy sector, citing the execution of independent power producer agreements within ten days and the promotion of climate-resilient crops and building of climate resilient infrastructure to respond to adaptation needs.

 

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