This chapter charts Zambia’s progress in improving its investment climate. Commitment by the government of Zambia to strengthening the investment policy framework has resulted in the enactment of new laws, regulations and policies over the past decades. The launching of the Private Sector Development Reform Programme in 2004 and its related measures has been a key milestone in that regard. Although notable improvements in the investment climate have been recorded, Zambia nevertheless still faces some regulatory challenges, including the lack of an investment policy. This chapter also provides recommendations for Zambia to fully capitalise from investment in its resource-rich economy.