President Sata calls for transformation of Zambia

President Sata calls for transformation of Zambia

Ndola, June 28, 2013, ZANIS – PRESIDENT MICHEAL SATA  says  there is need to transform Zambia’s key economic sector’s into modern, dynamic and competitive sectors.

 

President Sata  says government for this reason is implementing economic policies aimed at creating an enabling environment to stimulate private sector investment.

 

Mr. said value addition to agriculture, manufacturing and mining sector will strengthen Zambia’s partnership, utilization of resources and global opportunities.

 

ZANIS reports that the Republican President said in his welcoming remarks in the Zambia International Trade Fair (ZITF) bulletin.

 

And Commerce Trade and Industry Minister Emmanuel Chenda says the greatest challenge that Zambia is faced with has been exporting of natural resources as raw materials without any value addition.

 

Mr Chenda said  in the same bulletin, that as technology has advanced the exploitation of raw materials has become increasingly technology based proving fewer direct benefits to the locality where resources are found.

 

“Value addition is one way through which we can ensure that resources exploited in the country create business opportunities, wealth and jobs,” he said.

 

Mr Chenda said scholars in Zambia have estimated that value addition to raw materials raises its value by a minimum of 80 percent.

 

He said government has since structured its business and investment policies towards facilitating value addition to the country’s resources.

 

He added that key interventions include private sector reforms aimed at reducing the cost of doing business adding that government has also put in place fiscal incentives to make value addition attractive.

 

“The incentives in the Zambia Development Agency Act of 2006 are all targeted at value addition and are available to both local and foreign investors.

 

In addition, the Multi Facility Economic Zones, we are facilitating value addition supportive infrastructure. The government has also been conscious of the need for Zambian value added products to have ready markets,” Mr Chenda said.

 

He explained that government’s market access agenda continued to grow adding that Zambian value added products will have duty free access to more than twenty five countries through the regional tripartite trade Area.

 

He further challenged the private sector to position itself and take full advantage of the interventions and invest in value addition related ventures.

“Globalisation has created an unprecedented opportunity for capital, technology and skills to move from one part of the world to another.

 

“  We are urging local and foreign investors to partner or create joint ventures in value addition activities such as manufacturing,” he said.

 

Mr Chenda said as emerging markets create a growing appetite for raw materials and value added products Zambia which is rich in raw materials becomes an automatic attraction particularly for investors from emerging markets.