In light of the growing popularity of electric vehicles throughout the world, Zambia has to ramp up its manufacturing of copper wire. The main reason for adopting these cars is their ability to run on electricity and not require expensive fuel such as petrol or diesel. Electric Vehicles are also eco-friendly. Rather than exporting raw copper, exporting copper wires will make four times more revenue. Being Africa’s second-largest copper producer, new opportunities have been opened to Zambia by the global shift to Electric Vehicles (EVs).
Copper wires can be found in excess of a mile long in most pure electric vehicles. All of these devices rely on hefty copper cables in addition to the electric vehicles themselves to function. All of them sum up the requirement for copper wires and cables. The requirement for copper wires and cables makes them a bit expensive.
For the past few years, Zambia's trade-in has been low due to the country's dependency on a few conventional exports, like maize and copper. Zambia has deprived itself of obtaining the real value of copper by only exporting raw copper. The production has also been very small-scale in the last few years. The country has made many infrastructure investments, such as the Kazungula bridge and other roads, to improve trade in the southern African corridor.
Rather than focusing only on agricultural products such as corn and maize, the production of cassava should be highly increased as it can supply ethanol for hand sanitizers, and the demand for these sanitizers will also be high due to the pandemic that brought global change and increased the use of such products. The packaging of agricultural products is also a factor worth noticing. The agricultural products manufactured should be packed in cans and bottles as it adds value to the product. Similarly, a major focus of the country should be to manufacture more copper and then be used to manufacture high-quality copper wires.
Financing is expensive in Zambia, therefore it is tough to secure capital for a company plan from the outset. However, by taking the right decisions in the right direction and focusing on large-scale production and investments to promote business and trade, the country may maintain low-interest rates. This is a golden opportunity for Zambia to export copper wires. However, if Zambia does not scale up its production, it may miss this opportunity.
