Zambia: President Hichilema Calls for Deeper Economic Cooperation with Switzerland

President Hakainde Hichilema has called for stronger economic cooperation between Zambia and Switzerland, urging Swiss investors to expand their footprint in the country as Government shifts focus from recovery to accelerated growth driven by investment, trade and technology.

Speaking at State House today when he received a delegation of Swiss business executives and multinational heads, including representatives from Trafigura, Glencore, Mercuria, Vitol, ABB, MSC/Africa Global Logistics, and Koenig & Bauer Banknote Solutions, President Hichilema said Zambia had emerged from a difficult economic period following the change of government in 2021 and was now positioning itself for sustained growth.

He noted that his administration inherited an economy burdened by unsustainable debt, declining performance and a sovereign default, but had since worked to restore stability through reforms and debt restructuring. “We came from a very difficult place in 2021 where our economy was declining and we had defaulted on our debt obligations. Since taking office, we have worked hard to recover the country, stabilise the economy and create the foundation for growth,” he said.

The President thanked Switzerland for supporting Zambia’s debt restructuring programme, describing the assistance as crucial in creating fiscal space for recovery and development. He also highlighted the revival of the mining sector, which he said had nearly collapsed before Government’s intervention, noting that Swiss‑linked companies played an important role in supporting restructuring and recovery.

President Hichilema said Zambia was now prioritising accelerated growth and seeking stronger partnerships with Swiss businesses to unlock investment opportunities. “Our focus now is growth. We seek accelerated economic growth through investment and trade, and we want to work with Switzerland and its global business networks to achieve that objective,” he said.

He emphasised the importance of technology, capital and innovation in driving Zambia’s development agenda, proposing the establishment of a Comprehensive Economic Partnership Agreement between the two countries to provide a stronger framework for trade and investment. He further urged Swiss investors to expand interests beyond copper and cobalt, citing Zambia’s growing portfolio of minerals including manganese, nickel, lithium and rare earth elements.

“We do not want to remain a country that simply exports raw materials. We want to add value here in Zambia and build industries that create jobs and opportunities for our people,” he said.

The President also encouraged Swiss commodity traders to support Zambia’s ambitions to expand exports of agricultural and other commodities by helping the country secure structured international markets. He reiterated Government’s commitment to providing a predictable, investor‑friendly environment, stressing that Zambia does not support expropriation and remains firmly committed to protecting investments.

He urged European firms to move beyond traditional models of investment in Africa and instead pursue joint ventures with local partners to foster shared interests, mutual protection and long‑term benefits. Such partnerships, he said, would create opportunities for Zambia’s youthful population through employment, skills development and entrepreneurship.

Delegation leader and Swiss State Secretary for Economic Affairs, Helene Budliger Artieda, expressed interest in scaling up direct investments and establishing a government‑to‑government economic framework with Zambia. She affirmed that Switzerland, as an export‑driven and capital‑exporting nation, is focused on high‑technology “smart investments” that create in‑country value, transfer specialised know‑how, and generate substantial domestic employment.

“When we invest, it is smart investment. We create value for local communities. We bring technology, innovation, and are committed to creating value domestically. With the climate transition underway, Zambia is an indispensable partner, particularly as Switzerland seeks to diversify its access to critical minerals. While we are a resource‑poor country, we offer advanced know‑how, quality and technology, making this a natural partnership,” she said.