Zambia and the United Arab Emirates have signed memoranda of understanding worth a combined US$2.14 billion, opening a new chapter in economic cooperation between the two countries.
The agreements were signed in Abu Dhabi during the Zambia UAE Business Forum, where President Hakainde Hichilema is pushing for increased investment and stronger trade ties.
For Zambia, the bigger goal is not only securing individual investments. President Hichilema says Government wants to use partnerships such as these to grow the economy and move closer to doubling its current size under the Grow Zambia Agenda.
He says Zambia also has lessons to learn from the UAE, particularly in how the country has used its natural resources as a foundation for economic development and improved living standards.
According to President Hichilema, a larger economy would mean more revenue for public services, as well as greater opportunities for jobs and businesses.
The two countries are also expected to sign a Comprehensive Partnership Agreement aimed at increasing trade between Zambia and the UAE.
President Hichilema says Government will continue working on domestic reforms while pursuing international partnerships that can bring the investment needed to expand the economy.
The President is in Abu Dhabi for a two day working visit at the invitation of UAE President Sheikh Mohamed bin Zayed Al Nahyan.