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State to continue cutting ‘cost of doing business’

MSISKA

By ANGELA CHISHIMBA
PRESIDENT Sata has directed Secretary to Cabinet Roland Msiska to operationalise the industrial development corporation and ensure State-owned enterprises list on the stock exchange to improve their capital base.
The President said Government will continue to improve the business environment to attract more investment into the country.
In the last three years, government has attracted a total of US$5.2 billion in foreign direct investment.
“In 2013, foreign direct investment stood at US$1.7 billion. This is a clear indication that our country is an attractive investment destination,” Mr Sata said.
Mr Sata said this at the official opening of the fourth session of the eleventh national assembly.
He informed the national assembly that the Chambishi multi-facility economic zone is operational and that so far, US$1.2 billion had been invested, creating over 8,000 jobs.
Mr Sata said the Lusaka South multi-facility economic zone is also operational with initial private sector investment totalling US$52.5 million.
He added that work had also commenced on the Zambia Breweries Malting Plant estimated at over US$ 30 million.
Mr Sata also said Government will continue to reduce the cost of doing business to enhance the competitiveness of the Zambian economy and make it a major destination for investment.
“Government has made progress in reforming the economy and reducing the cost of doing business. Zambia’s ranking on the 2014 global ease of doing business index stands at 83 from 94 in 2013. In Africa, Zambia ranks eighth, fifth in SADC and fourth in COMESA,” he said.
“Furthermore, Zambia’s ranking on the global competitiveness index also improved from 115 in 2010/2011 to 93 in 2013/2014, making the country the eighth most competitive country in Africa.”

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