On 29th November, 2024, Ministry of Finance and National Planning, Zambia and Chinese Chamber of Commerce In Zambia jointly held the 2025 Post Budget and Economic Outlook Symposium at Mulungushi International Conference Center in Lusaka.
Zambian Minister of Finance and National Planning, Hon. Dr. Situmbeko Musokotwane MP, accompanied by Mr Felix Nkulukusa, Secretary to the Treasury of the Ministry of Finance and National Planning, Madam Mwaka Mukubesa, Permanent Secretary of the Budget and Economic Affairs Bureau of the Ministry of Finance, key officials of the Ministry of Finance and the Zambia Revenue Authority, and the Deputy Governor of the Bank of Zambia attended the symposium. Mr. Jin Jun, Counselor of the Chinese Embassy in Zambia attended the symposium as a special guest.
More than 100 representatives from member organizations of Chinese Chamber of Commerce in Zambia and Chinese enterprises in Zambia attended the symposium.
In the welcome speech, Mr. Li Tie, President of Chinese Chamber of Commerce in Zambia, thanked the Minister of Zambian Minister of Finance and National Planning for accepting the invitation and attending this symposium with a strong team, and welcomed the attendance of so many Chinese enterprises in Zambia. He said that the organization of this symposium was based on the annual work plan of the Chamber of Commerce, making full use of its platform to build a platform for communication between the government and enterprises, providing assistance to enterprises in interpreting government policies, and establishing a face-to-face communication channel for enterprises with the government.
Hon. Dr. Situmbeko Musokotwane, Minister of Finance and National Planning, first thanked the Chamber of Commerce for organizing this event and was very happy that the venue was full of representatives of Chinese enterprises, because this kind of face-to-face communication is conducive to the government to obtain more constructive opinions and suggestions, which is of great help to national planning and development. The minister also affirmed the investment of Chinese enterprises in Zambia and their significant contribution to Zambia's economic development. He also said that he encouraged more Chinese enterprises to invest in Zambia.
Then, Hon. Dr. Situmbeko Musokotwane went on to analyze that due to factors such as drought and power shortages, Zambia's agriculture has declined, the manufacturing industry has been in difficulties, and other industries have been affected, resulting in economic decline in 2024. He also promised that the government will make many changes in 2025: stabilize the business environment, formulate new incentive policies, reduce taxes, stabilize the exchange rate, etc. He emphasized that by 2026 and beyond, economic growth will achieve an unprecedented breakthrough and encouraged investment in Zambia.
After Hon. Dr. Situmbeko Musokotwane, Mr Felix Nkulukusa, Secretary to the Treasury of the Ministry of Finance and National Planning, first analyzed the unprecedented challenges that Zambian agriculture encountered in 2024 due to drought. In order to reduce the impact of disasters on farmers, the government has taken a series of intervention measures to increase the country's investment in agriculture.
Then, Mr Felix Nkulukusa went on to analyze the national fiscal budget for 2025 from a macroeconomic perspective at the symposium. He also combined the content of the budget to comprehensively interpret the measures taken by the Zambian government on how to stabilize the economic foundation (reduce inflation, stabilize the exchange rate, optimize interest rates, stabilize policies), restructure debt structure, and increase employment.
After Mr Felix Nkulukusa, Mr. Jin Jun, Counselor of the Chinese Embassy in Zambia first affirmed that the Chinese Chamber of Commerce in Zambia has fully played the role of a bridge and bond, and is committed to building a platform for communication between the government and enterprises. It has carried out fruitful work in helping member organizations to develop healthily and sustainably, and promoting trade and investment cooperation between China and Zambia.
Then, Counselor Jin Jun went on to thank Zambian Ministry of Finance for its long-term support for Chinese enterprises. Also, he pointed out that Chinese enterprises' investment and operation in Zambia have actively promoted Zambia's economic and social development. Chinese enterprises are an important force in promoting Zambia's economic development. He said that he believed that through the interpretation of the Minister, enterprises can better understand Zambia's development plan and make more contributions to Zambia's economic development.
After Counselor Jin Jun, Mr. Li Tie, President of Chinese Chamber of Commerce in Zambia spoke at the symposium as a representative of the Chamber of Commerce. He analyzed the efforts and contributions made by Chinese investors in Zambia's infrastructure development, vigorously developing agriculture, mining development, renewable energy development, and skills and technology transfer. He also evaluated and put forward opinions on the fiscal budget for 2025. He said, the Chinese Chamber of Commerce in Zambia will spare no effort to continue to play its role as a platform for communication between the government and enterprises, provide services to the majority of members, and empower the development of more Chinese enterprises in Zambia.
In the following session, representatives from Chinese enterprises actively spoke and asked questions, pushing the symposium atmosphere to a climax. They inquired about various issues such as Zambia's foreign exchange policy in 2025, the government's large-scale infrastructure projects, solutions to drought and electricity problems, trade deficits, excessive reliance on mining for economic growth, and excessive tax collection points that inhibit economic growth. Representatives from relevant Zambian government departments actively answered and expressed that they would conduct special one-on-one discussions and analyses on specific cases and find solutions.
In the final summary speech, Mr. Li Tie, President of Chinese Chamber of Commerce in Zambia, stated that the symposium had a lively atmosphere with active participation from enterprise representatives and positive responses from Zambian government departments. Both parties achieved good interaction. In the future, the Chamber of Commerce will work actively and hard to promote more levels and more forms of activities to contribute to the common development of enterprises in Zambia.
