Zambia’s investment profile cheers envoy

ZAMBIA’s High Commissioner to South Africa Emmanuel Mwamba has applauded the job that the Zambia-South Africa Business Council is doing in raising Zambia’s investment profile. Speaking at the ‘‘Invest in Zambia Business Forum’’ in South Africa, Mr Mwamba said Zambia’s economy has since 1991 been anchored on principles of free market economy with no foreign exchange controls, liberal interest rates and foreign exchange regimes with investors allowed 100 percent repatriation of profits. Mr Mwamba said the macroeconomic and fiscal policy objectives under the Patriotic Front administration focused on maintaining a stable environment conducive to investment, economic growth and employment creation. He said Government had allocated resources to infrastructure projects such as roads and bridges, water and energy generation and distribution, communication and ICT, among others, that supported economic growth and job creation. “Recognizing that Zambia has been heavily reliant on copper mining, Government has taken steps to accelerate diversification of the economy by encouraging growth in agriculture, tourism and manufacturing,” he said. “In the agricultural sector, Government has strengthened research and extension services, developed and rehabilitated livestock infrastructure and promoted disease-free zones.” He added that Government has reformed the agricultural marketing systems and promoted agro-processing. Another sector which he highlighted was the tourism sector where Government had embarked on an ambitious programme to promote and expand tourism products and develop key infrastructure. Mr Mwamba also said Government had facilitated private sector development, promoted growth of micro small and medium enterprises aimed at developing rural based enterprises in the manufacturing sector. “The Government has made significant investments in the development of the multi-facility economic zones,” he said. Mr Mwamba also disclosed that Government was employing the Public Private Partnership framework to provide mechanisms to employ private financing and expertise for delivering public goods and social services that would ordinarily be funded from the national Budget. He reiterated Government’s readiness to collaborate and encourage private sector participation in financing key public sector projects.