Zambia offers a range of business opportunities for Swiss SMEs due to its growing economy, and participation in the African Continental Free Trade Area (AfCFTA). Zambia is a politically stable country with a multi-party democracy and a population of 19.6 million. According to the World Bank, the country has experienced positive economic growth with a growth rate of 4.6% in 2021, 3.1% in 2022, and a projected annual GDP growth rate of 4.5% from 2023-2025. The Zambian government has made significant progress in enhancing its appeal as a business destination by adopting various policies and initiatives to create a conducive business environment.
As the second-largest copper producer in Africa, the country has abundant mineral resources such as cobalt, nickel, manganese, emeralds, gold, diamonds and coal. Moreover, the government is seeking to diversify the economy and reduce dependence on copper. Identified priority sectors are Manufacturing, Mining, Tourism, Energy, and Agriculture, and Swiss exporters can explore potential opportunities in these sectors, including MEM.
On April 29, 2022, Zambia and the DRC signed a cooperation agreement to establish a value chain in the electric vehicle and clean energy sectors. The goal is to manufacture electric vehicle batteries using mineral resources from both countries. Furthermore, the Southern African region has been identified as a key area for the supply of battery metals, emphasizing the importance of exploring opportunities in this region.
The Factsheet offers a brief market overview, outlining the opportunities and challenges for Swiss Exporting Companies in the MEM sector in Zambia. The Factsheet stresses the importance of developing a successful go-to-market strategy that takes these factors into account, to help ensure a successful entry into the Zambian market.