The world needs cooperation, trade – President Hichilema

President Hakainde Hichilema says the world needs cooperation, partnership, investment and trade for economic growth in various countries.

He also says Zambia is going through a lot of reforms which are anchored on accelerating economic development through increased investment and trade.

President Hichilema was speaking when Arab Bank for Economic Development in Africa (BADEA) president Abdullah Khalil AlMusaibeeh paid a courtesy call on him at State House today.

The President said energy is one of the critical sectors where Zambia needs more investments.

He said without electricity, for example, the country cannot drive economic development.

“Within the energy sector, we want to address the issues around petroleum, given the situation of a very unfortunate war in the Middle East.

“The world does not need war or conflict. The world needs cooperation, partnership, investment and trade to grow our economies to support our populations,” President Hichilema said.

He added that although Zambia may have no influence on the reasons which triggered the war in the Middle East, “we ask the warring parties to find an amicable resolution to that conflict.”

“We have said before that instability anywhere is instability everywhere. We can see the inflationary pressures now coming from the increase in the price of fuel, arising from the conflict in the Middle East.

“It’s only now that the world is realising how important the Strait of Hormuz is to the global economy. Over 23 percent or thereabout of the global fuel consumption come from the Strait of Hormuz,” he said.

President Hichilema said it would be ideal for the warring parties to find common ground.

“The war in the Middle East has a devastating effect on the globe and the projects which BADEA supports as a lender get affected,” said President Hichilema.

Mr AlMusaibeeh said Zambia is a strategic partner for BADEA.

“We need to do more together,” he said.

After visiting Mayukwayukwa Refugee Camp in Kaoma district tomorrow, Mr AlMusaibeeh will hold meetings with the Minister of Finance, Minister of Health, Minister of Agriculture and Minister of Infrastructure.

“We will also have meetings with the private sector and trade finance. BADEA does not only interact with the public sector but also with the private sector and trade finance.

“The war in the gulf region will affect so many things and so we need to do more, especially around the cost of fuel and fertiliser,” said Mr AlMusaibeeh.