Vice President Mutale Nalumango has reaffirmed that Zambia's economy is on a positive growth path, citing robust reforms by the government and support from international partners such as the International Monetary Fund (IMF).
Speaking during a bilateral meeting with Toyota Tsusho Corporation on the sidelines of the Ninth Tokyo International Conference on African Development (TICAD-9), Ms. Nalumango said Zambia's economy is projected to expand by about five percent. Growth, she noted, will be anchored on new investments in greenfield and brownfield mining projects, as well as opportunities in energy, manufacturing, and agriculture.
According to a statement by Faith Chilube, First Secretary for Press and Public Relations at the Zambian Embassy in Japan, Ms. Nalumango welcomed Toyota Tsusho's intention to diversify investments into renewable energy and healthcare. She underscored the importance of Zambia's recent Memorandum of Understanding (MoU) with Toyota Tsusho, ZESCO, and the Ministry of Energy, describing it as timely in helping reduce the country's energy deficit and mitigate climate-related risks to hydropower generation.
Highlighting Zambia's strategic role as a land-linked hub in Southern and Eastern Africa, the Vice President encouraged Toyota Tsusho to leverage wider regional markets through COMESA, SADC, and the East African Community (EAC). She further pointed to Zambia's political stability, ongoing reforms, and investor-friendly policies as factors positioning the country as one of Africa's most attractive destinations for long-term investment.
Toyota Tsusho Vice Board Chairman, Kashitani Ichiro, expressed gratitude for the Zambian government's cooperation and affirmed the company's commitment to exploring new opportunities. He revealed that Toyota Tsusho is developing vehicle models tailored for the Zambian market and will dispatch a team of experts to Zambia in October 2025 to identify additional investment prospects.
Meanwhile, Executive Officer Hirata Tatsuya highlighted Toyota Tsusho's strong presence in Zambia through CFAO Mobility, which holds 51 percent of the local automotive market share. He also reaffirmed the company's contribution to the health sector through Missionpharma, noting the supply of health kits covering 60 essential products to more than 3,000 health centres across the country -- kits capable of serving 1,000 people for 30 days.
Ms. Nalumango concluded by welcoming Toyota Tsusho's continued interest in Zambia, emphasizing that partnerships of this nature are vital for building a resilient, diversified, and sustainable economy.