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HomeBusinessZambia clinch US$800milion business deals

Zambia clinch US$800milion business deals

By Derrick Silimina

The Israel-Zambia Business Forum recently organized by the Zambia Development Agency and the Israel Ministry of Foreign Affairs in Jerusalem, has generated deals worth over US$800 million.

In a statement, ZDA Director General Albert Halwampa disclosed that over 100 Israeli high tech companies in innovation, energy, financial services and agritech participated in the Business Forum together with their Zambian counterparts from agriculture, construction, financial services and innovation.

Halwampa said the forum was held on the sidelines of the State visit by President Hakainde Hichilema made recently to Israel.

He noted that key sectors that generated the deals included among others the agriculture, energy, technology and innovation, and financial services.

“Specifically the deals included the following; $5 Million investment of Technology Incubator in Zambia, $50 Million-Investment of a deposit-taking financial Institution in Zambia, $645 Million investment into trade credit insurance and project guarantees $100 Million investment of 71 Mega Watt Solar and wind energy plant,” Halwampa stated.

He further affirmed that during the forum, a number of Israeli companies were impressed with the investment environment in Zambia and committed to partner with the Zambian companies on agriculture technology and innovation to increase productivity on crop yields for maize, wheat, avocados and mangos.

In this regard the ZDA in collaboration with the Ministry of Foreign affairs in Israel, Export Institution of Israel and the Israeli Chambers of Commerce agreed to host a Business Forum in Zambia to actualise partnerships and joint ventures with Zambian companies.

Speaking at the forum, President Hichilema announced visa waiver for Israeli nationals coming into Zambia to fast track promotion and facilitation of investments from Israel into Zambia.

“Israel ranks among the top three countries in the world in innovation with per capita income of USD 54,000.00 and therefore Zambia will greatly benefit from the Israel success and breakthrough in the space of innovation particularly technology and agriculture,” Halwampa stated.

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