Local direct investment needs boost- ZDA

BUUMBA CHIMBULU writes THE Zambia Development Agency (ZDA) new board has pledged to focus much energy on local direct investment while ensuring foreign direct investment benefits the citizens. Board Chairperson, Fisho Mwale, said his team would ensure that the ZDA continued to promote re- investment and attract quality investments, deliver real development to Zambian people and ensure sustainability of such development. Mr Mwale stressed that the board would strive to make the Agency more visible and relevant to the Zambian people. He was speaking when the new board paid a courtesy call to Minister of Commerce, Trade and Industry, Christopher Yaluma. “This board will focus on seven key pillars which include providing advice to government on country recovery roadmap post Covid-19 based on ZDA’s strategic position of being the practical link between government and the private sector,” Mr Mwale said. He also said the board would also support the development and implementation of industrial development strategies based on research and innovation. Mr Mwale explained that the innovation would be oriented around reverse engineering and in line with the priority sectors as stipulated in the Seventh National Development Plan. “The other pillar of focus is re investment by promoting expansion of existing businesses in Zambia as a competitive strategy to reduce unit costs through economies of scale,” he said. Mr Mwale further said reposition Zambia’s international business by focusing on unique resources and Zambia’s comparative and competitive advantage to create sustainable and export oriented businesses was another key focus area. He said arising from the population of Zambia, which created a limited market, export focus and promotion of non-traditional export products would be paramount with a focus on unfilled markets of the Democratic Republic of Congo (DRC), Zimbabwe, Angola and southern Tanzania. “As part of the sustainability strategy, promoting meaningful joint ventures, green investment, partnerships between foreign investors and local investors including Micro, Small and Medium Enterprises and supporting efforts towards the promotion of impact investments and capital to speed up the attainment of the sustainable development goals,” he said. In response, Mr Yaluma encouraged the new board to work hard and produce the expected results for the people of Zambia. He emphasised that ZDA should be able to deliver in accordance with its mandate of promoting investment, trade and enterprise development which led to wealth and employment creation for the people of Zambia. Mr Yaluma recently appointed a new ZDA board which consists of private sector representatives and representatives from government line ministries. The Sun