The Zambia Chamber of Commerce and Industry (ZACCI) forecasts substantial economic gains for Zambia, Angola, and the Democratic Republic of the Congo (DRC) with the development of the ambitious Lobito Corridor Investment Project.
The corridor is expected to revolutionize regional trade dynamics by boosting trade and investment in key industries such as manufacturing, mining, and agriculture by 20%, through simplified trade routes to international markets.
ZACCI Chief Executive Officer Elvin Nasilele emphasized the corridor’s potential to enhance export opportunities for Zambian goods, thereby increasing the country’s economic presence in the region.
Speaking on Wednesday, Nasilele highlighted how the Lobito Corridor would enable small and medium enterprises (SMEs) to integrate into regional and global value chains, especially in agriculture and mining. “This will enhance their competitiveness and resilience, driving sustainable growth,” he stated.
Zambia, strategically positioned in Southern Africa, stands to benefit greatly from the corridor’s development.
Nasilele explained that the shorter transit route to the Atlantic Ocean would significantly reduce shipping costs, making Zambian exports more competitive in global markets.
These logistical improvements are expected to benefit both importers and exporters, fostering higher trade volumes and economic growth.
By leveraging its central location, Zambia has the potential to become a regional logistics hub, improving transit times and profitability for businesses in the region.
A key feature of the Lobito Corridor is its ability to promote industrial expansion through value addition in mining and agriculture.
Nasilele noted that Zambia’s economy could diversify if processing plants were established near the transit hubs.
This move towards industrialization is expected to create jobs in sectors like construction, logistics, and warehousing, leading to skill development and economic empowerment, particularly for local communities.
The improved infrastructure from the Lobito Corridor is also anticipated to attract significant foreign direct investment (FDI).
Key sectors, including mining, agriculture, and manufacturing, are likely to attract international investors, boosting Zambia’s economic growth and solidifying its role as a critical player in regional trade.
The development of the Lobito Corridor has received strong support from President Hakainde Hichilema. Nasilele praised the president’s commitment to advancing Zambia’s trade and economic agenda, citing his active participation in the Lobito Corridor Summit in Angola.
The summit, attended by leaders such as U.S. President Joe Biden, Angola’s President João Lourenço, and DRC’s President Félix Tshisekedi, underscores the corridor’s importance in strengthening regional and international partnerships.
“The Lobito Corridor represents a unique opportunity for Zambia to unlock new economic prospects, enhance regional integration, and solidify its position in global trade,” Nasilele said.
He expressed optimism about the corridor’s potential to drive sustainable growth across Southern Africa, creating a ripple effect of economic transformation for the participating countries.
The Lobito Corridor Investment Project is a promising initiative for Zambia, Angola, and the DRC. By reducing costs, increasing trade, and stimulating industrial growth, the project is poised to redefine regional trade and economic integration, positioning Zambia as a leader in Southern Africa’s economic landscape.
