Sata defends INDECO creation

President Michael Sata has defended plans to create the Industrial Development Corporation.

Mr Sata explains that IDC will be a tool for the modernization and diversification of the economy in order to create jobs, wealth and prosperity for the Zambian people.

The Head of State says the state will through the IDC maximize the value of Government assets by establishing a sovereign wealth fund which will focus on stimulating investment in strategic non-mining industries among others, thereby expanding the country’s investment portfolio and thus creating jobs.

President Sata says the establishment of the IDC shall also boost the contribution of State Owned Enterprises (SOEs) to national development by placing them under one umbrella holding entity to deepen their reform, enhance efficiency and maximize returns.

The President explains that the Industrial Development Corporation is Government’s strategy to enhance domestic capital formation, wealth creation and preservation by focusing on exploiting the country’s advantages in natural resources and actively developing industries and enterprises to create jobs for the people.

President Sata has reiterated Government’s commitment to job creation and industrialization in order to create a better Zambia for all.

He adds that to date more than 355, 335 jobs have been created since the PF came into power.

This is contained in a statement issued to QFM yesterday by the president’s special assistant for press and public relations George Chellah.