President Hakainde Hichilema says Zambia will require about 8,000 megawatts of electricity to achieve its ambition of producing three million tonnes of copper annually.

Speaking at the UAE-Zambia Business Forum in Abu Dhabi, President Hichilema said the projected power requirement presents a major investment opportunity for the United Arab Emirates and other investors.

He said the 8,000MW requirement is specifically for copper production and does not include the electricity needed to support the wider economy.

President Hichilema said reforms in the energy sector have opened opportunities for independent power producers, electricity traders, and private investment in transmission and distribution infrastructure.

He also highlighted long-term power purchase agreements of between 20 and 25 years as an opportunity for investors seeking predictable markets.

UAE Undersecretary for Foreign Trade Fahad Siddiq Al Gergawi said the UAE sees opportunities to deepen cooperation with Zambia, particularly in agriculture, energy, healthcare, digital technology and mineral value addition.

Meanwhile, Zambia Development Agency (ZDA) Director General Albert Halwampa said Zambia issued investment licences for projects worth more than 100 billion U.S. dollars between 2021 and 2026.

Mr Halwampa said the figure exceeds the 70-billion-dollar value of investment licences issued during the previous 18 years.

He attributed the increase to growing investor confidence in Zambia, citing political stability, policy reforms and the Public-Private Dialogue Forum as some of the measures contributing to a more predictable business environment.

Industrial Development Corporation (IDC) Chief Executive Officer Cornwell Muleya said the Corporation has identified 15 investment opportunities across five sectors, including mining, energy, manufacturing and agribusiness.

Mr Muleya said the opportunities are aligned with the Grow Zambia Agenda and are aimed at supporting economic diversification, job creation and increased value addition.

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