The Zambia Association of Manufacturers (ZAM) has restated that the core to having a stable and sustainable Kwacha solely lies in diversifying Zambia’s economy.
ZAM Chief Executive Officer Maybin Nsupila says the country needs to diversify its export production base and its source of export revenue in terms of foreign exchange.
Mr. Nsupila states that therefore nothing President Edgar Lungu could have said in his speech to Parliament last Friday other than what the Bank of Zambia (BoZ) has been doing in the short term could stabilize the Kwacha.
He has told Qfm News by telephone that what his Association however, hoped to come out of the Presidential speech was the preferential procurement for local products.
Mr. Nsupila says ZAM was expecting the reorienting of the country’s procurement policy to focus more on sourcing locally produced products.
He says this is especially that this is an issue that was already tabled in last year’s national budget and therefore accelerating implementation should have come out in the President’s speech.
Mr Nsupila states that his Association is on the other pleased that some of the issues that it has been calling for were addressed in the President’s maiden speech to Parliament.
He has singled out linking Zambia’s railway to other neighboring countries as one of the most important measures that will enable the country open up to trade and thereby become more competitive.