New manual focusing on sustainable tourism growth in Zambia, has been recently introduced by UN Tourism, pinpointing crucial areas for potential investment in the country’s tourism sector. Entitled “Tourism Doing Business—Investing in Zambia,” the manual is designed to enhance economic progress across the southern African state. It provides a detailed analysis of Zambia’s economic, political, and social environment, emphasizing the numerous possibilities available within the country’s tourism sector.
This guide targets boosting prosperity, generating employment opportunities, empowering the communities, and spurring the growth of small and medium enterprises in Zambia.
Rodney Simbuka, the Minister of Tourism in Zambia, emphasized the importance of investing in tourism for sustainable development, economic growth, job creation, as well as the preservation of cultural heritage and conservation of natural resources, which in turn creates opportunities for local communities.
“Tourism Doing Business—Investing in Zambia” highlights the investment opportunities available to international investors.
- Zambia’s rich biodiversity and natural resources make it a desirable location for investment, with 30% of its land (22.4 million hectares) allocated to 20 national parks and green areas.
- Zambia shares borders with eight neighboring countries, and its strategic location as a landlocked nation, coupled with its cultural diversity boasting over 70 ethnolinguistic groups, adds to its appeal.
- Having been ranked as the 7th Best Country for doing Business out of 54 African nations, and the top country for Ease of Obtaining Credit in Africa, Zambia’s 60 years of peace and stability have contributed to its favorable business environment.
- Furthermore, Zambia provides attractive investment incentives, with 16 investment promotion and protection agreements currently in effect.
The International Monetary Fund (IMF) has stated that Zambia’s economic prospects are positive, with anticipated growth rates of 4.3% in 2023, 4.7% in 2024, and 4.8% in 2025. Zambia has consistently maintained a growth rate of 3.2% over the last ten years, showcasing economic stability that surpasses the Sub-Saharan Africa average of 3.0%.
Zambia presents various investment opportunities, including the tourism sector, startups, and Foreign Direct Investment (FDI), which have garnered significant interest. Over the last ten years, Zambia has consistently attracted an average of $969.7 million in FDI, solidifying its position in the global investment landscape. With a resilient economy, focus on tourism education, tax incentives, and streamlined business setup procedures, Zambia emerges as a promising destination for potential investors.
The services sector plays a crucial role in Zambia’s economy, accounting for nearly 58% of its GDP and employing 33% of the workforce. By fostering a conducive environment for investors, stakeholders can make informed decisions to leverage Zambia’s strengths and actively contribute to sustainable development efforts.
