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Business Profile
Economy: The Zambian economy relies heavily on the country’s mineral wealth, particularly copper (of which Zambia is one of the world’s largest producers), and also cobalt and zinc. These account for the bulk of export earnings and provide essential raw materials for Zambia’s manufacturing industry, which accounts for over one third of national output. Apart from raw material processing, the manufacturing sector includes vehicle assembly and oil refining as well as the production of fertilisers, textiles, construction materials and a variety of consumer products. Despite the role played by industry (unusually high by African standards), export earnings have been steadily declining throughout the 1990s, mainly as a result of persistently low commodity prices. This has led to major problems with the Konkola copper mine, the country’s largest and the source of much government revenue. In 2002, the mine’s Anglo-American operators pulled out saying that they could not run the mine economically. Agriculture produces 30 per cent of GDP and employs two thirds of the population. Maize and cattle are the main earners; other crops (cassava, millet, sorghum and beans) are produced mainly for domestic consumption but have to be supplemented by substantial food imports. Zambia’s hydroelectric projects have allowed it self-sufficiency in energy.
Economic policy changed substantially during the 1990s with the accession of the Chiluba government which sought the backing of the IMF to tackle Zambia’s serious financial problems. The standard IMF package was imposed and, with quite some difficulty, largely implemented. More recently, Zambia has been a beneficiary of the Heavily Indebted Poor Countries programme to reduce the external debts of the world’s poorest countries. The economy is now growing (3.7 per cent in 2002) but inflation (20 per cent) and unemployment (estimated at 50 per cent) remain high. Zambia is a member of the Southern African Development Council (SADC). Its main trading partners are Japan, the UK, South Africa, the USA and China.
Business: Formal dress is acceptable for people at business meetings. English is widely used in business circles. Office hours: Mon-Fri 0800-1300 and 1400-1700.
Commercial Information: The following organisations can offer advice: Ministry of Commerce, Trade and Industry, PO Box 31968, Kwacha Annex, Cairo Road, Lusaka (tel/fax: (1) 226 673); or Zambia Chamber of Commerce and Industry, PO Box 30844, Lusaka (tel: (1) 253 020; fax: (1) 252 483; e-mail: zacci@zamnet.zm); or Zambia Investment Centre, PO Box 34580, Lusaka (tel: (1) 255 240; fax: (1) 252 150; e-mail: invest@zamnet.zm; website: www.zic.org.zm).
Conferences/Conventions: For further information, contact the Mulungushi International Conference Centre, PO Box 33200, Lusaka (tel: (1) 290 506; fax: (1) 291 991; e-mail: micc@zamtel.zm).
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