FDI inflows into Zambia surged from just $0.1 billion in 2023 to $1.2 billion in 2024, a twelvefold increase that positioned the country among Africa’s top gainers. The report attributes this spike to rising demand for minerals, especially copper, which remains central to green technologies such as electric vehicles and renewable energy storage.

One of the year’s most prominent deals, the $1.1 billion acquisition of a majority stake in Mopani Copper Mines by UAE-based Delta Mining, cemented Zambia’s return to global investor radars.

The investment rebound is particularly significant against the backdrop of a wider global downturn. While international project finance slumped globally and many developing countries saw flat or declining inflows, Zambia’s resource-led growth attracted investor confidence amid geopolitical and economic uncertainties.

But Zambia’s 2024 investment success wasn’t solely driven by mining. The country also made quiet but meaningful strides in the digital economy. It emerged as one of the few least developed and landlocked developing countries(LLDCs) to register positive growth in digital greenfield investment projects. Foreign investors showed growing interest in telecommunications infrastructure, data centres, and cloud services, signaling a diversification in Zambia’s investment profile beyond traditional extractives.

UNCTAD analysts singled out Zambia, along with Malawi and Rwanda, as among the only LDCs to post gains in greenfield investment, a forward-looking indicator of long-term investor sentiment. This resilience in project announcements suggests that Zambia is beginning to benefit from a more investor-friendly policy environment and strategic reforms aimed at improving ease of doing business.

However, the report also flagged headwinds. Large-scale infrastructure and renewable energy projects, key to Zambia’s long-term development, remain constrained by rising capital costs, currency volatility, and a challenging global financing environment. Still, off-grid renewable projects continued to attract concessional financing, keeping alive the country’s energy transition ambitions. This coincides with the recently launched 100MW Chisamba Solar Power Plant.

The World Investment Report 2025 paints a picture of Zambia in transition, from a country overshadowed by low investment flows to one cautiously stepping into the spotlight as a rising frontier market, particularly in minerals and digital infrastructure.

Whether this momentum can be sustained depends on the government’s ability to consolidate reforms, manage debt, and encourage a stable and transparent investment climate.