Govt readies for economic diversification

GOVERNMENT is implementing measures aimed at diversifying the economy and encourages local value addition using the abundant natural resources in Zambia, says Commerce Minister Christopher Yaluma.

Mr Yaluma said Zambia was endowed with natural resources from agricultural products to minerals which had capacity to positively contribute to the economy if well utilised.

e minister said it was for that reason that Government was currently implementing initiatives which encouraged value addition and diversification.

Mr Yaluma said this in a speech read by the ministry's chief economist under the Industry Development Programmes Pamela Chitulang'oma at the South Africa-Zambia investment and trade seminar in Lusaka yesterday.

“Despite this resource endowment little is being done to add value to them, it is for this reason that the Zambian Government has embarked on implementing measures aimed at diversifying the economy and encouraging local value addition to the abundant resources,” he said.

Mr Yaluma said with a favourable investment climate, Zambia was the best destination for investment and that it was open to receive investors.

Government, he said, was committed to encouraging and supporting investments through the provision of an enabling business environment conducive for investment.

“I urge the South African delegation that is here to explore investment and trade opportunities in this region particularly in value addition to our minerals,” Mr Yaluma said.

He also observed that there were over 250 South African companies operating in Zambia with a combined product range of about 3,000 and providing services across various sectors.

He however said although trade between South Africa and Zambia remained buoyant, it was heavily skewed in favour of the former.