Saudi Arabian Multinationals Look To Invest In Zambia

Saudi Arabian multinational firms have expressed interest in investing in the poultry and agro-chemical sector in Zambia. 

The news came after the Minister of Small and Medium Enterprise Development, Elias Mubanga, arrived at the Kenneth Kaunda International Airport in Lusaka having attended the Global Entrepreneurship Congress (GEN) in Saudi Arabia. 

Upon arrival Mr Mubanga stated “during the business engagements, we met some key business houses in the Kingdom who expressed eagerness to travel to Zambia to establish joint business ventures with local SMEs.”

It is understood that the Saudi Arabian firm Durat Al-Etquan, alongside Pioneers Chemical Factory and other agro-chemical companies have expressed interest in investing in Zambia. 

Further, Mr Mubanga stated that a team of experts in agriculture and pesticides are due to travel from Saudi Arabia to Zambia to sign a Memorandum of Understanding.

In response the government will conduct a feasibility study to promote the engagement of young people and women in the project. 

The government will also enact policy to enable banks to encourage joint ventures in order to develop the agriculture sector.

Mr Mubanga also conducted meetings with GEN Global President and Chairman, Jonathan Ortman alongside other potential investors and SME venture partners during his time abroad. 

Edwin Zulu, Acting Managing Director for Global Entrepreneurship Network-Zambia, stated that the conference was an opportunity to connect investors with SMEs and was “the first time that a Zambian delegation has participated in the global entrepreneurship congress at government level.”