Zambian President Hakainde Hichilema has officially launched the Zambezi Free Economic Zone, a groundbreaking initiative covering 17,000 hectares in the Kazungula district.
This transformative project, backed by investors from the United Arab Emirates (UAE), is expected to significantly contribute to Zambia’s treasury and enhance funding for essential services such as education and healthcare.
A Strategic Initiative for Economic Growth
During the launch event, President Hichilema highlighted the strategic location of the economic zone in Chief Sekute’s chiefdom, which is poised to stimulate economic growth and create over 1,000 direct jobs.
He emphasized that this initiative aims to attract substantial Foreign Direct Investment (FDI), positioning Zambia as a hub for global investment and innovation.
“The guidelines we provided to the promoters include that a portion of the initial investments will go directly to the Zambian treasury. This funding will support free education, healthcare, and energy development,” explained President Hichilema.
He stressed that this development will benefit every Zambian and help sustain the Constituency Development Fund (CDF) across the country.
Benefits of the Zambezi Free Economic Zone
The Zambezi Free Economic Zone is designed to deliver a range of benefits, including skills development, technological advancements, and significant improvements in infrastructure.
Key service sectors prioritized by the project include housing, healthcare, education, convention centers, and corporate headquarters.
“This project is intended to attract investors, retirees, and workers from around the world, including Zambian investors,” stated President Hichilema.
“We encourage their participation in this unique model of economic development.”
Commitment to Public-Private Partnerships
The establishment of the free economic zone aligns with Hichilema’s broader agenda to enhance Public-Private Partnerships (PPP) in Zambia.
He urged both public and private sectors to prioritize national interests over individual gains.
“The previous government borrowed excessively. If you are in public service, think about how to improve this country; the private sector should do the same,” he urged.
Global Recognition of Economic Zones
President Hichilema noted that economic free zones are globally recognized as catalysts for growth, offering various incentives and simplified regulations that foster investment and job creation.
“These zones create an environment conducive to investment and technology transfer, ultimately driving sustainable economic development,” he said.
Embracing Innovation in Key Sectors
Additionally, the President announced that the Zambezi Free Economic Zone will incorporate artificial intelligence to enhance sectors such as agriculture and mining.
“Training facilities and first-class medical services will be part of this initiative. We will promote artificial intelligence to optimize our resource endowments in mining and agriculture,” he explained.
President Hichilema’s vision for the Zambezi Free Economic Zone represents a significant step toward revitalizing Zambia’s economy while ensuring that local communities reap tangible benefits from this ambitious project.
As this initiative unfolds, it holds promise for a brighter economic future for all Zambians.
Source: Kalemba
