Zambia’s Minister of Transport and Logistics, Museba Frank Tayali, is optimistic that the signing of the Lobito Corridor Transit Transport Facilitation Agreement (LCTFA) will unlock the business potential along the corridor.
The agreement, which involves the Republic of Angola, the Democratic Republic of Congo, and the Republic of Zambia, aims to boost private sector investments, create jobs, and foster economic growth in the three countries through the effective participation of small and medium enterprises in the various value chains.
According to Tayali, the agreement will also ease the movement of people, goods, and services, as well as improve and stimulate regional connectivity and integration through the implementation of harmonized trade facilitation instruments.
For Zambia, the Lobito Corridor offers an alternative strategic outlet to the Western and European export markets, and a key route to the sea port of Lobito on the Atlantic Ocean.
The corridor also links the mining companies in the Copperbelt and Northwestern Provinces of Zambia to the Western sea part of Africa, which are major mining areas that produce and export various minerals such as copper, cobalt, nickel, and manganese.
The Minister also noted that the Zambian government has requested for land at the Port of Lobito for use as a dry port, and is committed to contributing funds for the operationalization of the agreement.
However, he emphasized the need for the member states to ratify the agreement in order to enter into force and reminded them that the mere signing of the agreement without actualizing its content and aspirations will be futile.
The Minister urged all three governments to put in funds into the Lobito Corridor in order to establish the operations of the secretariat and ensure the smooth running of the Corridor Management Institution (CMI).
He also reiterated the urgent need to constitute the governing organs and structure of the Lobito Corridor in order to actualize the quick implementation of the agreement.
The signing of the Lobito Corridor Transit Transport Facilitation Agreement is a significant step in unlocking the business potential in the region and fostering economic growth in the three member countries.
The agreement aims to ease the movement of people, goods and services, and improve regional connectivity and integration.
The Zambian government, as well as the other member states, is committed to contributing funds for the operationalization of the agreement and the establishment of the secretariat.
