Zambia: The real Africa

Aired October 2008

The true land of the legendary Africa, Zambia is a breath-taking country surrounded by land on all sides. With a diverse, cultural and historic heritage, Zambia is sparsely populated by more than 70 ethnic groups and has some of the most spectacular scenery known to the world.

Today the country is in rebirth and is acknowledged as one of the safest countries in the world to visit. Zambia's people live in peace and harmony.

In 1996 the Zambian Government recognized and appreciated the central and catalytic role that economic diversity could play. Its potential to contribute to sustainable national economic development has been evident.

Zambia’s goal for tourism to account for 20% of the total GDP by 2010 can only be reached through the right marketing and investment into Zambia’s tourism sector. As a unique country with opportunities for any one interested, now is a very optimistic time to invest in this spectacular nation.

FINANCE

Zambia has the most liberal economy within the region. It has been a center for peace and stability since its independence in 1964. This can be distinguished by its position surrounded by turbulent neighbors. Therefore it is an obvious destination in forming an economic corridor. The government has also incorporated laws that can be found in most developed nations, in particular when we look at Zambia’s foreign exchange regime.

The financial sector remains small but modernized and stable. The economy has 15 banks catering to all segments of the market. The five largest banks control the majority of the assets found within the Zambian market. The Central Bank is in charge of regulating these banks and the government is proactively working to develop financial services.

There is a belief that exchange controls create corruption, and a free market does not. The government also provides numerous incentives to any foreign investor including low taxes in hopes of inviting investors to return regularly.

TRADE AND INDUSTRY

Primetime Investments was incorporated on 24th March 1992 and its core line of business activity in the provision of customs and clearing service. The company started its operation from its registered office in Lusaka in 1994.

Primetime Investment Management team is supported by a well-trained and competent staff whose good performance has reached high levels of standard of service you will appreciate.

MINING

Zambia is richly endowed with various mineral resources. In the late 1960s it was the third largest copper mining country in the world. Today it holds 6 percent of the world’s known copper reserves and this accounts for most of Zambia's foreign earnings. The industry was privatized in the 1990s and there is great optimism for the future. Electronics manufacturers have fuelled demand and investment in the sector has grown significantly.

In addition, Zambia has an abundance of precious mineral deposits. In Lusaka as well as other provinces there are rich deposits of Marble. The famous Bauleni flat stone in Lusaka east is ripe for quarrying and this offers opportunities for exports and foreign currency earnings.

Gold deposits have also been noted in the Eastern and Northern Provinces and are yet to be exploited. Tantalite is prevalent in the Southern Province and in Petauke District. Tantalite is the base material used in the manufacturing of some key components used in cellular phones. These two minerals are just examples of the many un-tapped areas that Zambian mining can profitably utilize in the future.

The traditional equipment required to mine these minerals is expensive. Large investments have generally been demanded to engage in the processing system required. This is not the case now. New techniques and technologies provide for lower investments in material extraction, cutting and polishing and other processing equipment.

The Ministry of Mines and Mineral Resources is responsible for the issuance of permits and licenses relating to investment in the mining sector.

AGRICULTURE

Zambia’s agricultural sector has the potential to spearhead the country’s growth. The abundance of quality arable land, easily accessible water, ideal climate and a wide range of environments provide the perfect bed for the growth of the sector.

Agriculture has continued to employ the largest proportion of Zambia’s total labor force over the years. The majority of rural households are involved in agricultural production with female-headed households contributing approximately 25% of production of main crops. It is because of this potential that the government encourages investment in progressive farming.

Fishing is also carried out in various parts of the country and provides considerable income for the farmer.

The leading role of agriculture has been emphasized by formal acknowledgement through a sound agricultural policy. This policy aims at increasing private sector participation in production, processing and marketing of agriculture products and commodities with minimal government interference. To achieve this, government is facilitating the establishment and expansion of land, development of infrastructure, finance, investment and marketing all of which will support the growth and development of Zambia’s agricultural sector.

TOURISM

Zambia is a must see tourism destination that presents the beauty of Africa in totality and in its unspoiled, refreshing and really relaxing form.

Zambia has endless natural wonders ranging from mountains, valleys, waterfalls, lakes, rivers to expansive wetlands, all of which provide possibilities for adventure and exploration experiences.

Zambia’s largest attraction is and continues to be the Victoria Falls situated in Livingstone. The Victoria Falls have always been considered one of the natural wonders of the world.

Columns of spray can be seen from miles away as 546 billion liters of water per minute plummet over the edge over a width of more then one mile into a deep gorge over 330 feet below. The northern province of Zambia remains untapped and unspoiled for a truly secluded and unique tourism experience. The capital city, Lusaka, offers its own unique attractions such as craft markets and shopping facilities.

The list of specialties is limitless, but the best and most invaluable tourism asset that Zambia possesses is its people. Zambia is home to 73 tribes, which makes the country a genuine attraction for cultural tourism. Tourists can see the performing arts through the traditional ceremonies, visual arts, and folklore.

Although Zambia is one of the lesser-known destinations in Africa, it has however, enjoyed considerable growth in tourist arrivals over the last five years. The Zambian Government has long recognized the economic importance of its wilderness and is acutely aware of environmental concerns: almost 90 percent of the country is given over to national parks and game reserves.

The shortage of accommodations - of all types- presents the biggest single opportunity for investment in the Zambian tourism industry. Currently, the bulk of the accommodation is in tourist camps and lodges. Hotels of international standards are to be found in Lusaka and Livingstone. While Zambia's main target market does not seek five-star luxury, they appreciate the comforts of pleasant surroundings after a day spent in the wilderness. There is a ready demand for such accommodation, making it a particularly fruitful sector for investment, whether upgrading existing establishments or investing in entirely new projects. Sites with attractive natural settings are readily available.