Zambia calls for more equitable share of global investment, trade
Minister of Foreign Affairs and International Cooperation Mulambo Haimbe raised the concerns during a side event at the Fourth International Conference on Financing for Development, held in Sevilla, Spain.
He said that limited FDI and capital inflows into developing countries have hindered economic growth by increasing borrowing costs and reducing the capacity to meaningfully transform their economies.
"The discrepancy in FDIs and other capital inflows into developing countries undermines their ability to effectively address poverty and tackle the socio-economic challenges that have persisted for generations," Haimbe said.
He said that institutional investors and FDI should be channeled through strategic partnerships with established domestic enterprises in order to reduce investment risks in developing economies.
Despite the challenges, Haimbe expressed optimism that ongoing dialogue with global investors will address the obstacles.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Borneo Post
2 hours ago
- Borneo Post
China's Xinjiang is more dynamic, attractive amid increasing openness
A China-Europe freight train passes through an inspection system for large-size containers at Horgos railway port in Horgos, northwest China's Xinjiang Uygur Autonomous Region on Dec 25, 2024. – Xinhua photo URUMQI (July 6): Xinjiang in northwest China is seeing increased vitality across the board as the region accelerates efforts to build core areas of the Belt and Road Initiative (BRI) through broader opening-up. The 2025 (China) Eurasia Commodity and Trade Expo recently concluded in Urumqi, the regional capital. The five-day fair was one of the latest examples of Xinjiang's increasingly open and dynamic development, attended by 1,800 exhibitors from 50 countries and regions, including first-time exhibitors from four countries in Africa: Ethiopia, Zambia, Comoros and Senegal. A vast region that borders Central Asian countries, the Xinjiang Uygur Autonomous Region has enhanced its connectivity with the world significantly in recent years, boosting mutually beneficial cooperation and people-to-people exchange, driven by the BRI. In addition to the dozens of freight trains that enter and exit Xinjiang on average each day, the region's air transport is expanding rapidly. In the first half of this year, seven new international charter cargo flight routes were opened between Urumqi and foreign cities such as Istanbul, Belgrade and Addis Ababa, raising the region's total number of international air freight routes to 26, according to Xinjiang Airport Group. In the first five months of this year, the number of air routes the company operates increased by 115, or 26.5 per cent year on year. Tourists watch a folk art performance at a scenic area in Turpan, northwest China's Xinjiang Uygur Autonomous Region on May 4, 2025. – Xinhua photo Xinjiang is accelerating its development of 10 industrial clusters, in fields including oil-and-gas production and processing, advanced manufacturing, new materials, cotton and textiles, culture and tourism, and modern logistics. These industries play a vital role in sustaining the region's high-quality growth and creating jobs. Its broader opening-up can also be seen through the rapid increase in the number of enterprises in the Xinjiang Pilot Free Trade Zone (FTZ), which was inaugurated in November 2023. Pilot FTZs are a landmark feature of China's high-standard opening-up. As of May this year, more than 15,000 enterprises have been established in the pilot FTZ, and there are now 1.5 times more foreign-invested enterprises than there were when the FTZ opened for business, according to statistics from the regional department of commerce. The Xinjiang pilot FTZ is now home to more than 40,000 enterprises. Despite global uncertainties and false accusations launched against the region, Xinjiang's foreign trade has maintained rapid growth in recent years, reaping 22.9 per cent year-on-year growth in the first five months of 2025. Xinjiang's attractiveness has also been strengthened through a number of international events held in the region in such fields as sports and the arts. Event participants, businesspeople and tourists traveling to Xinjiang find themselves deeply impressed by the beauty of its landscape, the diversity of its culture, the hospitality of its locals, and its remarkable development. This year marks the 70th anniversary of the establishment of Xinjiang Uygur Autonomous Region. The region will surely become more confident, vibrant and prosperous as it joins with the whole nation in pushing modernisation forward while delivering more opportunities for win-win cooperation with the world. – Xinhua
The Star
6 hours ago
- The Star
Tanzanian PM orders regular inspections of protected areas to safeguard environment
DAR ES SALAAM, July 5 (Xinhua) -- Tanzanian Prime Minister Kassim Majaliwa on Saturday directed regional and district authorities across the country to conduct regular inspections of protected areas, including water sources and rivers, in a bid to curb environmental degradation. He issued the directive while participating in the Great Ruaha Marathon, held at Ibuguziwa inside the Ruaha National Park in the Iringa Region. "We want to see all streams that feed into the main rivers well-preserved so we can secure abundant water to support development activities. The Great Ruaha River flows into our Mwalimu Nyerere Hydropower Dam," said Majaliwa. He urged local governments to identify key water sources in their areas and implement transparent and specialized conservation plans to maintain sufficient water flow. "I encourage you to enact bylaws to protect these resources, which are vital to your communities," he added. Majaliwa also called for the enforcement of sustainable land-use planning, starting at the village level, along with long-term environmental education and tree-planting campaigns in both rural and urban communities.
The Star
7 hours ago
- The Star
Economic Watch: Booming theme parks highlight China's tourism, consumption potential
SHANGHAI, July 5 (Xinhua) -- The opening of LEGOLAND Shanghai Resort in east China has added momentum to the country's thriving theme park sector, reflecting China's consumption upgrade and potential, as well as its commitment to opening up to the world. The resort in Shanghai, currently the largest LEGOLAND globally and the first in China, offers a new amusement option for Chinese citizens and foreigners visiting this metropolis. The opening of LEGOLAND Shanghai Resort on Saturday coincides with the beginning of the summer vacation, which is a tourism and consumption high season, especially for students. The cultural and tourism industries are becoming important growth drivers -- as the Chinese economy shifts to a consumption-driven pattern. Earlier this year, the Chinese government made it one of its major priorities to boost consumption and stimulate domestic demand across the board. It urged more efforts to foster new forms of cultural business and vigorously develop the tourism industry. Meanwhile, authorities also pledged better services and support for foreign investors, aimed at making China a favored destination for them. Foreign-funded theme parks have both attested to and benefited from these commitments. Notably, Shanghai Disney Resort and Universal Beijing Resort have achieved great success. More diversified demands for tourism products are driving an upgrade in terms of the offerings of this vibrant industry. For tourists who travel during summer holidays or take family trips, thematic or in-depth experience travels are becoming popular choices. This means that theme parks are expected to secure a sharp surge of visitors. Growing tourism consumption has contributed to China's resilient consumer market. In the first quarter of 2025, the number of domestic tourist trips reached over 1.79 billion, representing year-on-year growth of 26.4 percent. Total tourism expenditure hit 1.8 trillion yuan (209.7 billion U.S. dollars) in this period, up 18.6 percent year on year. Thanks to China's visa-free policies and related measures, the popularity of both travel and shopping in China among foreigners has risen, serving as a boost to the country's tourism development. Shanghai, being a prime example in this regard, received nealry 1.26 million foreign tourists in the first quarter of 2025 -- up 61.9 percent year on year. According to the Ministry of Culture and Tourism, from July to August, local authorities will organize 4,300 activities and provide subsidies totaling 570 million yuan to boost cultural and tourism consumption. The thriving tourism industry is injecting momentum into the Chinese economy, which grew 5.4 percent in the first quarter of 2025 and aims for an expansion of about 5 percent this year.
