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Zambia is one of the dynamic growth poles of Southern Africa, thanks to important progress in recent years in strengthening its policy framework for investment. It boasted GDP of 5.9% per annum between 2004 and 2010, while exports expanded ten-fold and Foreign Direct Investment (FDI) increased eight-fold.
The economy has been relatively resilient in the recent global downturn, benefiting from appropriate policies, good harvests and a buoyant demand for copper. While extractive industries attract the bulk of investment, the services sector, especially banking, tourism, and agriculture, has also catalyzed significant volumes of FDI. Today, Zambia is recognised as one of the most open African economies to foreign equity ownership.
This Review highlights Zambia's progress and identifies some remaining challenges for the country. The Zambian Government is considering new reforms, including the development of a harmonized investment policy, a review of its tax incentives system and of its framework for Public Private Partnerships. Implementing these reforms, and other policy recommendations found in the Review, would contribute to the further improvement of Zambia’s policy framework for investment.
This Review is the first to be carried out in sub-Saharan Africa on the basis of the OECD Policy Framework for Investment.
OECD work on investment policy in Southern Africa