Zambia Sign MoUs for Business and Investment Promotion with Japan and Kenya

Zambia Japan Kenya

The Zambia Development Agency (ZDA) signed 2 Memorandums of Understanding (MoUs) for business and investment promotion at the Tokyo International Conference on African Development (TICAD) recently held in Kenya.

At TICAD, ZDA signed a MoU with Mizuho Bank Financial Group of Japan to promote collaboration between the two institutions in the fields of investment and business activities.

The Zambian Agency also signed a MoU with the Kenya Investment Authority (KenInvest) to boost collaboration in the joint attraction and enhancement of trade as well as the exchange of experiences.

In addition, Patrick Chisanga, ZDA Director General held meetings with Resort and Cities, a Kenyan company focused on the development of hotels, resorts and commercial properties.

Mr. Chisanga invited Resort and Cities to Zambia to explore tourism opportunities and to develop a golf course and a hotel in the Lusaka South Multi Facility Economic Zone.

TICAD is a conference held every 5 years to promote Japanese investment and high level dialogue between African leaders and development partners.

The event was attended by Japanese Prime Minister Shinzo Abe, who was accompanied by around 200 officials from more than 70 Japanese companies.

Abe pledged that Japan will mobilize a total of USD30b from its private and public sector to invest in Africa’s infrastructure development.

“We will promote investment in quality infrastructure which leads to job creation and transfer of expertise and know-how, as well as capacity building of African countries and people,” Abe said.

As of 2014, Japan has provided to Zambia JPY58b in loans, JPY112b in grants and JPY59b for technical cooperation.