19 November 2012

Zambia: Nation Needs More Revenue - Sichinga

THE country needs enough tax revenue to enable it develop the economy quickly, Commerce, Trade and Industry Minister Robert Sichinga has said.

Mr Sichinga said Zambia was in dire need of serious Foreign Direct Investment (FDI) which is essential to the country's development agenda.

He said in Lusaka that the locally available capital was not sufficient enough to finance Zambia's development appetite.

Zambia as a developing country needs to enhance its mechanism for attracting more FDI as this would result in more investments which will systematically boost both economic and social developments.

Mr Sichinga said the country needed capital, expertise, technology and business opportunities that come with foreign investment.

"As a country, we need to attract more FDI because the locally available resources are not sufficient enough to finance the county's development agenda.

"In going forward as a ministry our focus for 2012 investment promotion has been on attracting more FDI through investment promotions," he said.

His ministry would implement all the developmental programmes in the context of the Vision 2030 and the current Sixth National Development plan (SNDP).

The thrust of the ministry has been that of attracting more FDI into the country and in this regard, the ministry undertook 10 trade missions all aimed at marketing the country's investment opportunities.

Mr Sichinga said the focus for this year's investment promotions campaigns are on building value addition, technological base and infrastructure development.

Among the countries featured in the investment campaigns are Australia, India, Turkey, Norway, Finland, United Kingdom (UK), the United States of America (USA), Japan and Korea.

He however, said the Government was transforming agriculture, tourism and manufacturing into modern, dynamic and competitive sectors through the injection of private sector investment, thus leading to sustainable economic growth through the coordinated private sector.

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