The Japanese government pledges an investment of $1.5 billion United States Dollars to boost Zambia’s mining sector.

Tokyo, 17th April 2024—

The Japanese government has pledged an investment of $1.5 billion United States Dollars to support investment by Japanese companies to boost Zambia’s mining sector.

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

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

And METI Vice Minister Mr. Taku Ishii reaffirmed the pledge during the Japan Zambia Investment Seminar in Tokyo today organised by the Japan Organisation for Metals and Energy Security (JOGMEC).

He said his government seeks support from the Zambian government once the investment becomes materialised and hopes 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.

Mr. Ishii also explained that cooperation in the exploration field is also progressing between JOGMEC and the Zambian Ministry of Mines and Mineral Resources arising from the Memorandum of Association signed between the Ministry of Mines and Mineral Development and JOGMEC.

“We have already provided training in satellite exploration techniques to 159 government officials of your country through JOGMEC, and will continue to promote exploration and technical cooperation in a wider area, he added.

He explained that through such efforts, the Japanese government would like to support the establishment of a supply chain for important minerals by the public and private sectors of both countries and the further strengthening of business relations between the two countries.

Speaking at the same event, Minister of Mines and Minerals Development Mr. Paul Kabuswe stated that to enhance the beneficial cooperation in mineral exploration and mining, government is proposing collaboration and investment with Japan in areas such as continued cooperation and support in geological mapping of the country so that the geological mapping coverage is increased from the current 56.36% which ultimately is expected to increase investment in the exploration and mining sector.

Mr. Kabuswe also proposed continued cooperation and support in geochemical and geophysical mapping of the country which supplements 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 in the area of geosciences particularly in new and advanced technology of geological, geophysical, and geochemical mapping among others.

Mr. Kabuswe expressed gratitude to the Japanese government for the long-standing relationship as the two countries celebrate 60 years of bilateral relations this year.

And JOGMEC Chairman and Chief Executive Officer Mr. Ichiro Takahara said his organisation is committed to enhancing investment to Zambia especially in the mining sector.

This is contained in a statement issued by first Secretary for Press and public relations at the embassy of the Republic of Zambia in Japan Faith Nabeene Chilube.