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Business Profile
Zambia
BusinessProfile
Statistics
• GDP: US$4.3 billion.
• Main imports: Crude oil, refined petroleum products, manufactured goods, machinery, transport equipment and foodstuffs.
• Main exports: Copper, cobalt, lead, zinc, cut vegetables and cotton.
• Main trade partners: Japan, Malawi, South Africa, Tanzania and UK.
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 were steadily declining throughout the 1990s, mainly as a result of persistently low commodity prices. One stark illustration of the trend was the closure in 2002 of the Konkola copper mine – the country’s largest and a major source of Government revenue – as being no longer viable. Agriculture produces 14 per cent of GDP and employs 85 per cent 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 radically during the 1990s when the Government sought the backing of the IMF in tackling Zambia’s serious financial problems. With some difficulty, many of the IMF-imposed measures were put into effect. 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, but still owes over US$6 billion. The IMF is still involved with Zambia, although the current Zambian administration has proved reluctant to implement some of its demands, particularly privatisation of remaining state assets. The economy has been growing (5.1 per cent in 2004) but inflation (21 per cent) and unemployment (estimated at 50 per cent) remain high. Zambia is a member of the Southern African Development Council (SADC).
Business Etiquette
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
Ministry of Commerce, Trade and Industry
PO Box 31968, Kwacha Annex, Cairo Road, Lusaka, Zambia
Tel: (1) 228 301.
E-mail: comtrade@zamnet.zm
Zambia Chamber of Commerce and Industry
Showgrounds, Great East Road, Box 30844, Lusaka, Zambia
Tel: (1) 255 046 or 253 020 or 252 369.
Zambia Investment Centre
PO Box 34580, Lusaka, Zambia
Tel: (1) 254 241.
Website: www.zic.org.zm
Mulungushi International Conference Centre
PO Box 33200, Lusaka, Zambia
Tel: (1) 290 506 or 291 229.
E-mail: micc@zamtel.zm
• Main imports: Crude oil, refined petroleum products, manufactured goods, machinery, transport equipment and foodstuffs.
• Main exports: Copper, cobalt, lead, zinc, cut vegetables and cotton.
• Main trade partners: Japan, Malawi, South Africa, Tanzania and UK.
Economic policy changed radically during the 1990s when the Government sought the backing of the IMF in tackling Zambia’s serious financial problems. With some difficulty, many of the IMF-imposed measures were put into effect. 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, but still owes over US$6 billion. The IMF is still involved with Zambia, although the current Zambian administration has proved reluctant to implement some of its demands, particularly privatisation of remaining state assets. The economy has been growing (5.1 per cent in 2004) but inflation (21 per cent) and unemployment (estimated at 50 per cent) remain high. Zambia is a member of the Southern African Development Council (SADC).
PO Box 31968, Kwacha Annex, Cairo Road, Lusaka, Zambia
Tel: (1) 228 301.
E-mail: comtrade@zamnet.zm
Zambia Chamber of Commerce and Industry
Showgrounds, Great East Road, Box 30844, Lusaka, Zambia
Tel: (1) 255 046 or 253 020 or 252 369.
Zambia Investment Centre
PO Box 34580, Lusaka, Zambia
Tel: (1) 254 241.
Website: www.zic.org.zm
Mulungushi International Conference Centre
PO Box 33200, Lusaka, Zambia
Tel: (1) 290 506 or 291 229.
E-mail: micc@zamtel.zm
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Inscrita en el R.M. de Madrid Tomo 15.973, F. 206, Sec. 8, Hoja M-270179 . C.I.F. B82826991 Gran Vía, 22 Dcdo. 4º Madrid, 28013 Spain.
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Inscrita en el R.M. de Madrid Tomo 15.973, F. 206, Sec. 8, Hoja M-270179 . C.I.F. B82826991 Gran Vía, 22 Dcdo. 4º Madrid, 28013 Spain.
Tel. (+34) 913 605 670 Fax: (+34) 902 196 339