Commerce & Trade Minister Chipoka Mulenga on why Africa should beneficiate its minerals

The World Economic Forum's 54th annual meeting in Davos, Switzerland has been buzzing with discussions around economic recovery and growth strategies. Among the notable attendees is Zambia's Minister of Commerce and Trade, Chipoka Mulenga, who sat down with CNBC Africa's Fifi Peters to share insights on the opportunities and challenges facing Zambia, particularly in the mining sector. Minister Mulenga highlighted the need for Africa to beneficiate its minerals to drive economic development and create value-added industries. He emphasized the significance of transitioning from exporting raw materials to processed products, such as copper, cobalt, and lithium, to retain jobs, prevent capital flight, and boost the national economy. Minister Mulenga underscored the importance of collaboration and partnerships with investors to develop the necessary infrastructure, skills, and capacity for beneficiation. He acknowledged that while Zambia may currently lack the expertise and resources for full-scale processing, the country is actively working towards building its capabilities. The minister stressed the need for sustainable development that benefits not only the present generation but also future generations. The conversation also touched on regional trade within Africa, particularly in the context of the African Continental Free Trade Area (AfCFTA). Minister Mulenga expressed Zambia's commitment to participating in the AfCFTA and contributing to the continent's economic growth. He emphasized the need for skill development and knowledge transfer to enable African countries to stand on their own feet and engage in mutually beneficial trade. However, Minister Mulenga pointed out two critical areas that require attention for the successful implementation of the AfCFTA. Firstly, he highlighted the importance of clarifying the rules of origin to prevent misunderstandings and ensure that African countries produce, process, and sell within the continent. Secondly, he emphasized the need for established automobile industry leaders in Africa to support emerging countries in the sector and empower them to become self-sufficient. Overall, Minister Chipoka Mulenga's insights shed light on Zambia's efforts to harness its mineral resources for sustainable economic growth, while also advocating for a united African approach to trade and development.