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By THEMBISA FAKUDE*
President Hakainde Hichilema of Zambia has won the elections, giving him five more years in power. The Zambian economy has been performing relatively well, with the Zambian Kwacha often stronger than the South African Rand, a development most Zambians celebrate. Notwithstanding, Zambia remains poor and underdeveloped; Hakainde has a tremendous amount of work ahead of him.
Zambia is also a contested space for the United States (US) and China. China has entrenched itself in the economy through major mining contracts. The US is keen to extract critical minerals from Zambia to support its AI and EV industries. Hichilema has demanded more from China, insisting on a mutually beneficial relationship. Zambia is one of the world’s largest copper producers, targeting 1 million tons of copper in 2026.
The rise of artificial intelligence (AI) and electric vehicles (EVs), among others, has created new opportunities for Zambia. It also means Zambia will become a new battleground between China and the US over critical minerals essential to AI and EVs. Zambia remains largely dependent on South Africa and Tanzania for the transport of its exports; South African ports, particularly Durban, are key in this regard.
The Lobito Corridor in Angola will also play an important role in Zambia’s economy. The Lobito Corridor is intended to connect Zambia’s Copperbelt to the Atlantic port of Lobito in Angola. This gives Zambia an alternative route and quicker access to the Western market, rather than going via South Africa or Tanzania.
*Thembisa Fakude is a senior research fellow at Afraisd. He holds a Masters degree in Politics, he is a columnist with the Middle East Monitor in London and a research fellow at Al Sharq Forum in Istanbul, Turkey
