UN Tourism has unveiled an insightful guide on sustainable tourism development in Zambia, titled “Tourism Doing Business—Investing in Zambia,” which aims to catalyze economic growth nationwide.
This guide meticulously identifies key sectors for investment, setting the stage for Zambia’s burgeoning tourism industry to flourish.
Zurab Pololikashvili, Secretary General of UN Tourism, expressed optimism about the guide’s impact, stating, “This publication will lead to greater prosperity, job creation, community empowerment, and SME expansion in Zambia. It offers a comprehensive overview of Zambia’s economic, political, and social landscape, highlighting the vast opportunities within Zambia’s tourism industry.”
Echoing this sentiment, Rodney Simbuka, Minister of Tourism of Zambia, emphasized the pivotal role of investment in sustainable tourism in Zambia.
He noted, “Investment in tourism is crucial not only for sustainable development, economic growth, and job creation but also for preserving our rich cultural heritage and conserving our natural resources, thereby creating opportunities for local communities.”
The economic outlook for Zambia is promising, with the International Monetary Fund (IMF) projecting growth rates of 4.3% in 2023, 4.7% in 2024, and 4.8% in 2025.
Over the past decade, Zambia has maintained a steady growth rate of 3.2%, surpassing the Sub-Saharan Africa average of 3.0%, demonstrating a stable and resilient economy.
The guide, “Tourism Doing Business—Investing in Zambia,” outlines various investment opportunities, emphasizing the nation’s rich biodiversity and natural resources. With 30% of its land dedicated to 20 national parks and green spaces, Zambia presents a lucrative destination for investors.
The country’s strategic location, bordered by eight other nations, and its cultural diversity, with over 70 ethnolinguistic groups, further enhance its appeal.
Zambia has been ranked the 7th Best Country to do Business among 54 African nations and the 1st for Ease of Obtaining Credit in Africa.
Celebrating 60 years of peace and stability, Zambia offers attractive investment incentives, including 16 investment promotion and protection agreements currently in place.
The tourism sector, startups, and Foreign Direct Investment (FDI) are particularly promising avenues for investment in Zambia. The country has averaged USD 969.7 million in FDI receipts over the past decade. Its economic resilience, emphasis on tourism education, tax incentives, and efficient business setup processes make it an attractive prospect for investors.
The services sector, contributing almost 58% to the Zambian economy and employing 33% of the country’s workforce, plays a crucial role in this dynamic. Fostering an investor-friendly climate facilitates well-informed decision-making, enabling stakeholders to maximize Zambia’s strengths and actively contribute to sustainable tourism in Zambia.
