25 September 2008
Zambia will remain open to business in order to maintain economic gains made by the MMD in the last seven years, acting President, Rupiah Banda has said.
Officiating at the opening of Access Bank Limited in Lusaka, Mr Banda said the MMD had worked hard in the last seven years to prepare the foundation for economic growth.
Mr Banda said since 2003, Zambia's Gross Domestic Product (GDP) had risen from 3.3 per cent to 6.2 per cent and the Government was determined to maintain and build upon these gains.
"We will continue to build a strong Zambia. When I say I want to see continuity, good governance and economic prosperity for all - I mean it," Mr Banda said.
As a percentage of GDP, he said, the service sector had grown from 50.1 per cent to 56.5 per cent and inflation was down from 25 per cent to 13.2 per cent.
"I agree it could be lower - it was 8,9 per cent in December 2007 but we are all aware of the impact of high oil prices and increased food costs," he said.
Mr Banda said foreign investment had risen from $255 million in 2003 to $4.25 billion now with months to go before the end of the year and the Government would ensure that more investment poured in.
"Today's opening ceremony is not just unlocking this building, it is also about the beginning of a relationship between Zambia and West Africa," the acting President said.
He said the Government was tackling corruption hand-on and continue to do so because corruption sapped investor confidence.
Earlier Commence, Trade and Industry, Felix Mutati said Zambia was a catchment of investment in the region.
Bank of Zambia (BoZ) governor, Caleb Fundanga said the central bank had investigated the background of Access Bank and found its viability solid.
Access Bank deputy managing director, Herbert Higwe said the bank was a pan-African institution and would officer long-term loans.
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