21 December 2012

Zambia: ZACCI Welcomes Plan to Set Up IDC

THE Government's move to merge the Zambia Development Agency (ZDA) and Public Private Partnership (PPP) unit to establish the Industrial Development Commission (IDC) will enhance private sector participation in the economy.

The Zambia Association of Chambers of Commerce and Industry (ZACCI) says that the move would attract more private players in the economy in that the private sector would be involved in the process.

ZACCI vice-president-south, Chabuka Kawesha said the participation of the private sector in the country was vital in enhancing economic development, hence the need to support efforts aimed at encouraging private sector participation in the development of the country.

"As ZACCI we will support the Government as they make headways in merging the two units because this will play a very vital role in enhancing the participation of the private sector in the economy, especially where investment is concerned," Dr Kawesha said.

He said ZACCI would be waiting to see how the Government would implement the IDC and that it would monitor it closely at every stage.

Dr Kawesha said there was need for well-structured growth to make a meaningful impact on poverty reduction and ultimate eradication of barriers to private investments in the country.

Recently, President Michael Sata disclosed that the Government was in the process of merging ZDA and PPP unit to establish the IDC which would enhance capacity for the country's economic development.

Zambia has a huge backlog of development arrears which would require persistent efforts from all Zambians to reduce the high levels of poverty estimated at 60 per cent and reaching 80 per cent in the rural areas.

Commenting on the on-going rebasing exercise, Dr Kawesha called for the private sector to join hands with the Bank of Zambia (BoZ) in educating people on the changes.

He said BoZ had done a commendable job so far looking at the major strides it had scored in educating people across the country on the exercise.

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