24/07/2024 | Press release | Distributed by Public on 24/07/2024 20:47
UN Tourism has launched a guide on sustainable tourism development in Zambia that identifies key sectors for investment. Titled "Tourism Doing Business-Investing in Zambia," the guide aims to boost economic growth nationwide.
Zurab Pololikashvili, Secretary General of UN Tourism, stated, "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."
This publication will lead to greater prosperity, job creation, community empowerment, and SME expansion in Zambia.
Rodney Simbuka, Minister of Tourism of Zambia, said: "Investment in tourism is pivotal not only for sustainable development, economic growth, job creation but also the preservation of our rich cultural heritage and the conservation of our natural resources creating opportunities for the local communities."
According to the International Monetary Fund (IMF), Zambia's economic outlook is promising, with projected growth rates of 4.3% in 2023, 4.7% in 2024, and 4.8% in 2025. Zambia has maintained a steady growth rate of 3.2% over the past decade, demonstrating economic stability that exceeds the Sub-Saharan Africa average of 3.0%.
"Tourism Doing Business-Investing in Zambia," outlines the opportunities for international investors, emphasizing:
Avenues for investment in Zambia, such as the tourism sector, startups, and Foreign Direct Investment (FDI), are attracting attention. Zambia has made its mark on the global investment arena with an average of USD 969.7 million in FDI receipts over the past decade. Zambia's economic resilience, emphasis on tourism education, tax incentives, and efficient business setup processes make it a noteworthy prospect for investors.
The services sector contributes to almost 58% to the Zambian economy and employs 33% of the country's workforce. Fostering an investor-friendly climate facilitates well-informed decision-making, enabling stakeholders to maximize Zambia's strengths and actively contribute to sustainable development initiatives.