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Derrick Silimina is a journalist based in Lusaka, Zambia.
Portfolio
Built Harbour to Spur Tanzania’s Fisheries Sector
The construction of the Kilwa Masoko Fishing Port in Tanzania, led by China Harbour Engineering Co., is set to significantly boost the country's fisheries sector and economy. The project, part of the Belt and Road Initiative, aims to address infrastructure challenges, create over 30,000 jobs, and increase the sector's contribution to national GDP. The port will feature modern facilities, including a refrigeration center and fish processing plants, enhancing the value chain and export potential. Local stakeholders express optimism about the economic opportunities and improved livelihoods resulting from the port's development.
ZCA, LCCI plan to work together
The Zambia Chinese Association and the Lusaka Chamber of Commerce and Industry have established a partnership to expand their market reach by leveraging each other's networks. LCCI President Alexander Lawrence emphasized Lusaka's strategic location and the potential for business growth through regional and global networks. The collaboration aims to strengthen economic ties between Zambia and China, moving beyond historical political connections. ZCA President Zhang Jian expressed enthusiasm for the partnership, highlighting shared social and economic values.
ZDA, EIPA ink MoU
The Zambia Development Agency (ZDA) and the Eswatini Investment Promotion Authority (EIPA) have signed a Memorandum of Understanding (MoU) to enhance business relations and trade between Zambia and Eswatini. The agreement aims to expand investment and trade relations, strengthen institutional ties, and build capacity through mutual cooperation. Key areas of collaboration include agriculture, tourism, infrastructure, energy, education, and trade facilitation. The MoU is seen as a commitment to improve trade and investment efforts, with both parties emphasizing the importance of country-to-country interactions.
BoZ raise lending rate to 14%
The Bank of Zambia has raised the Monetary Policy Rate to 14% to address high inflation, which remains above the target band of 6-8%. The decision, made during the Monetary Policy Committee meeting, aims to steer inflation back towards the target and stabilize financial systems. Key inflation drivers include low supply of essential goods, increased demand for solid fuels, and currency depreciation. Inflation is projected to remain high, with an annual average rate of 15% in 2024 and 13.9% in 2025, influenced by exchange rate depreciation and increased electricity tariffs due to drought impacts.
IMF/World Bank annual meeting kicks off
Zambia's Finance and National Planning Minister, Situmbeko Musokotwane, leads a delegation to the 2024 Annual Meetings of the International Monetary Fund and the World Bank Group in Washington DC. The delegation aims to promote investments in key sectors and enhance social sector spending. The meetings are seen as an opportunity to engage with development partners and investors to support Zambia's economic recovery and growth. The delegation will participate in various events and hold bilateral talks with IMF and World Bank officials, focusing on cooperation and investment opportunities. The Zambian government emphasizes sustainable economic development and avoiding unsustainable debt.
ZDA leads over 40 companies on a trade mission to DRC
The Zambia Development Agency (ZDA) is spearheading a trade mission to the Democratic Republic of Congo, involving over 40 Zambian companies from diverse sectors. The mission aims to enhance Zambia's non-traditional exports and secure market access in the DRC. ZDA Director General Albert Halwampa emphasized the importance of deepening trade relationships and creating employment opportunities. The mission includes exhibitions and business meetings, coordinated with the Congolese government and the Chamber of Commerce in Lubumbashi. Previous missions have been successful, generating significant trade leads and transactions.
Landmark Industrialization Agenda
The Zambian government has launched the '2,000 Desk project' in Solwezi to address the lack of school furniture and empower youth through skills training. Supported by Kansanshi Mining and the Solwezi Trades Training Institute, the initiative aims to create jobs and promote local industrialization. The project aligns with Zambia's development goals and has already engaged students in metal fabrication and carpentry. Stakeholders express optimism about its potential to reduce poverty and enhance community empowerment.
The rise of a Solwezi film
Shadreck Mfwana, a film maker from Solwezi, began his journey in 2007 and faced initial challenges, including a failed film attempt in 2016. After completing a business development training program by Kansanshi Mine Limited, he gained marketing skills and expanded his business. Mfwana now offers various film-related services and has worked on projects for Zambezi Magic. He acknowledges the film industry's profitability but notes the need for significant capital investment. He expresses gratitude to Kansanshi Mining Plc for their support and aims to continue growing his enterprise.
ZDA, TFO host Buyer–Seller meeting
The Zambia Development Agency and the Trade Facilitation Office Canada have organized a meeting to facilitate export contracts between Zambian women-owned agribusinesses and South African buyers. Thirteen Zambian SMEs, trained in export readiness, are participating. The initiative is part of the Women in Trade for Sustainable and Inclusive Growth project, aiming to empower women in agriculture and other sectors. The collaboration has led to significant training and market access opportunities, emphasizing the strategic economic importance of empowering women exporters in Africa.
Dialogue on mine policy reforms underway
The Zambian Government is actively engaging in dialogue with stakeholders to address policy reforms in the mining sector. A recent meeting under the Public Private Partnership Dialogue Forum focused on the draft Minerals Regulation Commission Bill, resolving most issues except clause 15. The Zambia Chamber of Mines is working with the Government to amend this clause, aiming for economic transformation. Both parties are committed to continued dialogue to address regulatory concerns.
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