Zambia’s Investment Renaissance: From Copper Boom to Invest in Zambia International Conference

Khoshnaw Rahmani, Jadetimes Staff

K. Rahmani is a Jadetimes news reporter covering politics.

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Image Source:Tiksa Negeri

1. Invest in Zambia International Conference 2025

From July 16–18, 2025, Lusaka’s Mulungushi International Conference Centre hosted the inaugural Invest in Zambia International Conference (IZIC) under the patronage of President Hakainde Hichilema. With the theme “Driving Generational Transformative Investments through Joint Ventures and Partnerships,” the three-day forum convened:

• 1,000+ delegates from 20+ countries

• 500 investors and business leaders

• 70+ exhibitors spotlighting agriculture, mining, energy, ICT, tourism, and education

• Bilateral meetings yielding over US$1 billion in preliminary deals

IZIC 2025 established itself as an annual platform for public-private collaboration, offering thematic sessions, exhibitions, and a Presidential Gala Awards ceremony to recognize outstanding local and international contributors2.

2. The Historic Evolution of Zambia’s Economy

2.1 Pre-Colonial and Colonial Foundations

Before British rule, Northern Rhodesia’s economy was largely agrarian, with Tonga and Lenje farmers growing millet, sorghum, and cassava, and trading copper and ivory across East Africa. The Lochner Concession (1892) granted the British South Africa Company mineral rights, shaping railway construction to Kabwe and the rise of European settler farms. Large-scale copper mining began in the 1930s, transforming a subsistence economy into a semi-industrial one by mid-century.

2.2 Copper Boom and Early Post-Independence Growth (1964–1974)

At independence in 1964, Zambia inherited robust copper revenues that tripled real GDP per capita between 1931 and 1965. Under President Kenneth Kaunda, the Transitional (1964–66) and First National Development Plans (1966–71) invested in infrastructure and manufacturing. The Mulungushi Reforms (1968) nationalized mining, forming parastatals INDECO and ZIMCO, securing majority stakes in Anglo American and Rhodesia Selection Trust operations.

2.3 Economic Challenges and Decline (1975–2000)

A 1973 oil shock and copper price collapse halved export earnings by 1975. From 1976 Zambia faced balance-of-payments crises, soaring debt, and IMF conditionality. Price controls, subsidy cuts, and currency devaluations under UNIP sparked food riots in 1987. The shift to Structural Adjustment Programmes in 1991 with the Movement for Multi-Party Democracy (MMD) ushered in privatization—most notably ZCCM—but social indicators, such as child mortality and school enrollment, suffered dramatically5.

2.4 Market Reforms and Recovery (2000–2010)

Under Presidents Levy Mwanawasa (2001–08) and Rupiah Banda (2008–11), privatization continued, governance improved, and copper prices surged. GDP growth averaged 6% annually, poverty declined, and Zambia achieved lower-middle income status in 2011. Yet the economy remained reliant on copper (over 60% of exports) and vulnerable to global price swings.

2.5 Diversification and Growth (2011–2021)

Efforts to expand agriculture, tourism, and services gained traction. Investment incentives—duty-free exports under AGOA, renewable energy policies, and special economic zones—raised share of non-mineral GDP to 40%. Infrastructure projects (Lobito Corridor road, rural electrification) improved connectivity, while FDI averaged 2–3% of GDP annually.

2.6 The New Dawn Era: 2021–Present

President Hichilema’s New Dawn Agenda prioritized debt restructuring (resolving US$10 billion of arrears), anti-corruption, and macroeconomic stability. Inflation dropped into single digits, FDI grew by 1,339.5% in 2024 to US$1.24 billion, and solar, green hydrogen, and critical-minerals projects accelerated. IZIC 2025 crystallizes this momentum, linking reforms to actionable partnership pipelines.

3. Invest in Zambia International Conference 2025: A Deep Dive

3.1 Objectives and Theme

IZIC 2025 aimed to:

• Showcase Zambia’s readiness for FDI across priority sectors

• Facilitate joint ventures between local and international partners

• Spotlight local products for global markets

• Recognize excellence via Investor & Exporter Awards

3.2 Organization and Stakeholders

Led by the Zambia Development Agency (ZDA), IZIC engaged:

• President’s office and Cabinet-level ministries

• Development finance institutions (BII, Swedfund, Afreximbank)

• Private sector champions (First Quantum Minerals, Delta Mining, Barrick Lumwana)

• International bodies (UNDP, World Bank, COMESA, SADC)

3.3 Conference Structure and Outputs

• Day 1: Opening plenary, keynote by President Hichilema, sector outlooks

• Day 2: Thematic panels on mining, agribusiness, renewable energy, ICT; bilateral meetings

• Day 3: SME pitching sessions; Presidential Gala Awards

• Exhibition Hall: 70 + company booths, government agency stands, fintech and agtech demos

Key signed memoranda included:

• US$1.1 billion Mopani Copper Mines acquisition by Delta Mining

• Solar-energy joint ventures in Chisamba (100 MW)

• Electric-vehicle battery precursors agreement with DRC partners

4. Comparative Analysis: Zambia’s Investment Forums

Forum	Date	Focus	Stakeholders	Scale
Invest in Zambia (IZIC)	Jul 2025	Generational JV & partnerships	ZDA, Presidency, DFIs, private	1,000+
Zambia Impact Investment Summit	Sep 2025	ESG & impact capital	NABII, impact investors, MSMEs	600+
Public-Private Dialogue Forum	Annual since 2022	Policy constraints & reform	Cabinet, PPDF Secretariat, business	N/A
Africa Investment Forum	Oct 2024	Continental infrastructure deals	AfDB, AU, sovereigns, DFIs	2,000+

• IZIC emphasizes large-scale FDI pipelines and high-level diplomacy.

• ZIIS highlights blended finance, social enterprises, and youth inclusion.

• The PPDF serves as a domestic policy feedback mechanism, feeding directly into annual budgets.

• Africa Investment Forum situates Zambia within continental corridors and pan-African value chains.

5. Presidential Leadership: Hichilema vs. Predecessors

5.1 Kenneth Kaunda (1964–1991)

• Socialist-oriented, nationalized industry, heavy parastatals (ZCCM)

• Export-led growth via copper; limited diversification

• Early rural infrastructure expansion; later debt crisis and inflation boom

5.2 Frederick Chiluba (1991–2001)

• Market liberalization, privatization of ZCCM and FINDECO

• SAP alignment, removal of price controls, currency float

• Growth in mining services; social safety net erosion

5.3 Levy Mwanawasa (2001–2008) & Rupiah Banda (2008–2011)

• Anti-corruption crusade; resumed donor support post-default

• Copper price windfall drove 6%+ GDP growth

• Beginnings of agriculture and tourism incentives

5.4 Michael Sata & Edgar Lungu (2011–2021)

• “MMD Plus” populism under Sata: industrial parks, Chinese partnerships

• Lungu’s tenure saw Eurobond default (2020), debt distress, policy volatility

• Infrastructure projects (Link Zambia 8,000 km road plan) at high fiscal cost

5.5 Hakainde Hichilema (2021–Present)

• Credible debt restructuring under the G20 Common Framework

• Single-digit inflation, macro-stability, digital licensing, anti-corruption reforms

• FDI growth across mining, solar, green hydrogen, agribusiness, SMEs

Hichilema’s investor confidence revival contrasts sharply with Lungu’s policy swings and Chiluba’s early SAP hardships, reflecting a maturing governance model focused on predictability and partnership.

6. Related Initiatives and Emerging Themes

• Growth Investment Partners (GIP) Zambia: US$70 million initial fund targeting 150 SMEs, backed by BII, NAPSA, Swedfund.

• SME Financing Framework: Public-private fund to support youth-led enterprises and bridge credit gaps.

• Regional Integration: Leveraging AfCFTA, SADC, and COMESA trade corridors, including Lobito rail link and cross-border energy trade.

• Green Economy: Partnerships for solar parks (Chisamba 100 MW), green hydrogen feasibility in Southern Province.

• Digital Governance: E-licensing, e-tax filing, I-Lab incubator for agritech and fintech startups.

These ecosystems bolster Zambia’s investment climate, fostering inclusive growth beyond resource extraction.

7. Timeline: Key Milestones in Zambia’s Economy & Investment Forums

Year	Event
1892	Lochner Concession grants BSAC mineral rights
1904	First railway to Broken Hill (Kabwe) opens
1930s	Copper-mining boom transforms economy
1964	Independence; transitional development plan implemented
1968	Mulungushi economic reforms nationalize key industries
1975	Copper price collapse; debt crisis begins
1991	UNIP government adopts SAP; ZCCM privatization begun
2006	Zambia ratifies UNESCO convention; diversification initiatives start
2011	Lower-middle income status achieved
2021	Hichilema elected; New Dawn Agenda launched
2022	Launch of Public-Private Dialogue Forum
2024	Zambia hosts Africa Investment Forum side sessions
2025	Invest in Zambia International Conference (IZIC) held
2025	Zambia Impact Investment Summit (ZIIS) scheduled for September

8. From Potential to Prosperity

Zambia’s economic journey—from a colonial outpost to a copper-driven powerhouse, through crisis and reform—demonstrates resilience and adaptability. The Invest in Zambia International Conference 2025 crystallizes the nation’s shift from policy rhetoric to transaction-oriented partnerships. By integrating historical lessons, comparative forums, and presidential leadership contrasts, IZIC 2025 cements Zambia’s role as a model for emerging markets. As the country navigates global headwinds, its focus on diversification, regional integration, and inclusive financing charts a sustainable path from potential to prosperity—not just for today’s investors, but for generations to come.