ZAMBIA, UAE SEAL $2.1BN DEALS

Zambia and the United Arab Emirates (UAE) have signed multiple memoranda of understanding (MoUs) valued at US$2.14 billion across diverse economic sectors, bolstering the country’s drive to accelerate economic expansion, President Hakainde Hichilema has announced.
​The landmark agreements were concluded during the Zambia–UAE Business Forum held in Abu Dhabi, according to a statement posted on the President’s official Facebook page.
​President Hichilema noted that the deals represent a significant milestone in actualising the Government’s economic transformation agenda.

​“During the Forum, we were pleased to witness the signing of memoranda of understanding across various sectors, worth a total of USD 2.14 billion,” President Hichilema stated. “We look forward to signing the Comprehensive Partnership Agreement with the UAE, to increase trade between our two countries.”
​The Head of State underscored that the administration’s focus remains anchored on aggressive trade promotion and policy adjustments to unlock foreign capital inflows.
​“Through the Grow Zambia Agenda, our goal is to double the size of our economy, delivering more revenue for public services, more jobs and more business for our people,” the President said. “We will continue to prioritise increased trade and domestic reforms to attract the investment needed to grow our economy.”
​Drawing parallels between the two nations, President Hichilema highlighted the UAE’s success story in resource management as a practical model for Zambia.
​“It is no coincidence that, just as in 2021, our first trip abroad after the elections has brought us to Abu Dhabi,” he said. “The UAE has harnessed its natural resources to develop its economy and raise the living standards of its people. As a country richly endowed with natural resources, we have much to learn from the UAE.”
​The President expressed gratitude to UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, for extending the invitation to the bilateral engagements, reiterating that “Zambia remains open and ready for business and investment.”