UN Tourism Shines a Light on Investment Prospects in Zambia
UN Tourism has launched a guide on sustainable tourism development in Zambia that identifies key sectors for investment. Titled “Tourism Doing Business—Investing in Zambia,” the guide aims to boost economic growth nationwide.
Zurab Pololikashvili, Secretary General of UN Tourism, stated, “This publication will lead to greater prosperity, job creation, community empowerment, and SME expansion in Zambia. It offers a comprehensive overview of Zambia’s economic, political, and social landscape, highlighting the vast opportunities within Zambia’s tourism industry."
This publication will lead to greater prosperity, job creation, community empowerment, and SME expansion in Zambia.
Rodney Simbuka, Minister of Tourism of Zambia, said: "Investment in tourism is pivotal not only for sustainable development, economic growth, job creation but also the preservation of our rich cultural heritage and the conservation of our natural resources creating opportunities for the local communities.”
Stability and Growth in Zambia
According to the International Monetary Fund (IMF), Zambia’s economic outlook is promising, with projected growth rates of 4.3% in 2023, 4.7% in 2024, and 4.8% in 2025. Zambia has maintained a steady growth rate of 3.2% over the past decade, demonstrating economic stability that exceeds the Sub-Saharan Africa average of 3.0%.
Reasons to Invest in Zambia
“Tourism Doing Business—Investing in Zambia,” outlines the opportunities for international investors, emphasizing:
- Zambia’s biodiversity and natural resources make it an attractive destination for investors, with 30% of its land (22.4 million hectares) dedicated to 20 national parks and green spaces.
- Zambia shares borders with eight other countries. The location of this landlocked nation, along with its cultural diversity, with more than 70 ethnolinguistic groups, are a few of its many merits.
- Zambia has been ranked the 7th Best Country to do Business out of 54 African nations and the 1st for Ease of Obtaining Credit in Africa after celebrating 60 years of peace and stability.
- Zambia offers attractive investment incentives, with 16 investment promotion and protection agreements currently in place.
Investing in Tourism
Avenues for investment in Zambia, such as the tourism sector, startups, and Foreign Direct Investment (FDI), are attracting attention. Zambia has made its mark on the global investment arena with an average of USD 969.7 million in FDI receipts over the past decade. Zambia’s economic resilience, emphasis on tourism education, tax incentives, and efficient business setup processes make it a noteworthy prospect for investors.
The services sector contributes to almost 58% to the Zambian economy and employs 33% of the country’s workforce. Fostering an investor-friendly climate facilitates well-informed decision-making, enabling stakeholders to maximize Zambia’s strengths and actively contribute to sustainable development initiatives.