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FROM left: Industrial Development Corporation Group chief executive officer Mateyo Kaluba, Bank of India general manager international division Ravi Gupta, Indo Zambia Bank managing director Maheshkumar Bansal and Central Bank of India general manager international division Vijay Murar during a shareholders agreement signing ceremony in Lusaka last year. PICTURE: ANGELA NTENTABUNGA

Performing SOEs critical to economic growth

BENEDICT TEMBO, Lusaka
CHAIRPERSON of the Parliamentary Committee on Parastatal Bodies Brian Mbita aptly put that the Industrial Development Corporation (IDC) desires to play a vital role in Zambia’s economic growth. During the Fifth IDC Group annual conference dubbed ‘Leading in Times of Change and Uncertainty’ held in Livingstone last weekend, Mr Mbita said this can be actualised through well performing State-owned enterprises (SOEs). “In this regard, we expect strict implementation of best practices and progressive improvements, especially from those companies that may not have been performing to the expectation of the pe ople of Zambia, whom we are mandated to represent. “The IDC has placed equal importance to rolling out new projects, creation of new jobs and new wealth. We have maintained the strategic focus areas of agriculture, manufacturing, tourism, mining and energy,” he said. Chairperson of the IDC board investment committee Leonard Chiti said the Group takes full cognisance of the current state of fiscal affairs. “To this end, the IDC shall continue to employ innovative financing structures that insulate the treasury from undue contingent liability. “Therefore, partnerships with the private sector will remain prominent in the investment structures we put forth to actualise government aspirations,” Father Chiti said. The new dawn government has CLICK TO READ MORE