By Alexander Nkosi
Zambia and DRC are among the most resource-endowed countries in Africa. Strengthening trade and investment between the two countries can be a real economic game changer.
According to the global press journal, DRC spends over $1.5 billion on food imports every year. The World Food Programme estimates that in some years, food imports account for about 70% of domestic food needs. DRC imports significant quantities of maize grain from Argentina as well as maize flour from the United States of America (USA), Brazil and Italy. Zambia can grab a big share of this market.
DRC and Zambia hold more than 70% of the World’s cobalt and copper reserves and yet despite this smart mineral value chain, the two countries only capture an insignificant proportion of the global battery and Battery Electric Vehicle (BEV) value chain. There is a huge opportunity for a partnership to support value chains in copper and cobalt which will see the two countries earn billions of dollars.
In line with this, today HE President Hakainde Hichilema met a delegation from DRC, led by that Country’s Finance Minister Kazadi Kadima – Nduji Nicolas. Top on the agenda was trade and investment. The two countries also discussed the development of a Battery Electric Vehicle (BEV) and Renewable Energy Value Chain and Market in Africa.
Comment
The initiative by Zambia and the Democratic Republic of Congo is a welcome move and long overdue. It is quite appalling that African countries have chosen to trade more with Western and Eastern World Countries. The more Africans trade with each other the more their countries will begin to see real development. Our Value Addition initiatives on African Natural Resources will catapult Africa from the current position to be the centre of World Economy.
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