Invest back home, Zambians in diaspora urged
THE Zambian Diaspora needs to lead the way in growing and developing a sustainable economy through ploughing back home their realised wealth and earnings.
This is how other advanced countries have managed to grow their economies in a sustainable way, says Commerce, Trade and Industry Permanent Secretary, Mushuma Mulenga.
Mr Mulenga stressed that inclusive growth and sustainable development in Zambia could only be genuinely driven by Zambians.
He said this during the virtual “Doing Business in Zambia” with Zambian diaspora in Australia.
“The Zambian Diaspora is therefore, encouraged to pool and channel resources into numerous investment opportunities that will create wealth generation and employment creation aimed at reducing poverty in the country.
“Whereas we understand that Foreign Direct Investment from outside the continent has continued to be important for uplifting lives in Zambia, we are of the considered view that the Zambian Diaspora needs to lead the way by ploughing back home their realized wealth and earnings,” Mr Mulenga said.
Mr Mulenga indicated that Government recognised the value of its nationals in the Diaspora as important partners to national development.
In that regard, he said, Government had developed the Diaspora Policy aimed at creating an effective framework for engaging the Zambian Diaspora.
Government, he said, had embarked on a massive investment agenda in infrastructure projects such as roads, railway systems and airports.
Mr Mulenga said Government had also opened the energy sector to attract credible investment in the creation of a sustainable energy mix which did not solely rely on hydro capacities, but also harnessed other sources of renewable energy such as solar and wind potential.
He said Government had continued to implement positive and forward-looking economic and investment climate policies.
He indicated that these included the fiscal relief and stimulus packages to local enterprises, aimed at creating an enabling business environment for economic recovery and positive economic growth.
Mr Mulenga explained that all these efforts were meant to assist companies survive the wrath caused by the Covid-19 pandemic.
“Government is committed to the creation and sustenance of an enabling environment that supports private sector investment, as evidenced by promotion of a market led economy, lack of foreign exchange controls and 100 percent private ownership of business, among others,” he said.