FDI inflows a sign of investor confidence – Sata

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President Michael Sata with Polish Prime Minister Mr Donald Tusk at Justus Lipsius building in Brussels, Belgium on Wednesday, April 2, 2014. Picture BY EDDIE MWANALEZA — in Belguim.
President Michael Sata with Polish Prime Minister Mr Donald Tusk at Justus Lipsius building in Brussels, Belgium on Wednesday, April 2, 2014. Picture BY EDDIE MWANALEZA — in Belguim.

President Michael Sata says the notable increase in Foreign Direct Investment [FDI] inflows reflects continued investor confidence in the Zambian economy and stronger investments profitability prospects.

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This follows UPND leader Hakainde Hichilema’s claim that the PF Government is implementing poor socio-economic policies, which in turn have adversely affected investor confidence.

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President Sata wonders what investment statistics the UPND leader was using to come up with what he has termed as an erroneous and simplistic evaluation of the country’s general economic performance.

Mr Sata says expected Mr Hichilema as an economic manager, to show his economic management competence by engaging the public with proof as opposed to his usual pedestrian arguments about the investor confidence in the economy.

He reminds Mr Hichilema that maintaining a positive investment climate for current and potential investors is an important component of the PF Government’s economic growth strategy.

President Sata says this is evidenced by the increased actualised investment and Non-Traditional Exports (NTEs) both of which reached the highest in 2013.

He states that actualised investment for 2013 is valued at over US$1.8 Billion, whilst actualised investment inflows in 2012 were valued at US$1.7 Billion, from US$1.1 Billion actualised in 2011.

Mr Sata says investments into Zambia have continued to grow on account of the prudent macro-economic management by Government.

He points out that as of December 2013 Non-Traditional Exports were valued at over US$3.5 Billion whilst for the period 2012 Non-Traditional Exports increased to over US$2.8 Billion compared to US$1.8 Billion in 2011.

President Sata says the Government’s focus for 2014 will be to achieve real GDP growth of above 7%; attain end year inflation of no more than 6.5%; increase international reserves to cover 3 months of imports; and containing the overall budget deficit to no more than 6.6% of GDP.

The Head of State adds that Government will continue to finance high priority capital projects including the provision of infrastructure in the new districts, water and sanitation, health, electricity, education, rail and road infrastructure and thereby build an economy that benefits all.

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

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