Sata says his govt has created over 350, 000 jobs

LUSAKA, Friday, November 29, 2013 – His Excellency, Mr Michael Chilufya Sata, President of the Republic of Zambia, says the notable increase in Foreign Direct Investment [FDI] inflows reflects renewed investor confidence in the Zambian economy and stronger investments profitability prospects.

President Sata says Foreign Direct Investment (FDI) is critical to the continued growth of the economy, poverty reduction and employment creation.

“…as of November 2013 investment pledges were valued at over US$5,Billion, whilst foreign direct investment (FDI) inflows in 2012 grew by 56.2 percent to US$1.7 Billion, from US$1.1Billion recorded in 2011, driven largely by investments in mining, manufacturing, construction and the wholesale and retail trade sectors,” the President says.

“Furthermore, as of November 2013, Non-Traditional Exports (NTEs) were valued at over US$3Billion whilst for the period 2012 NTEs increased to over US$2.8Billion compared to US$1.8Billion in 2011.”

The Head of State emphasised that Government will continue exploiting advantages in labour and natural resources, and actively developing labour intensive industries and enterprises that have huge employment capacity.

“The total number of jobs created from 2011 to November 2013 is 354,508 as follows: tourism & arts 218, 344, service 55, 885, electricity gas & water 28, 618, construction 15, 091, education 10, 099, finance & banking 9, 477, community social & personal 4, 998, health 3, 030, agriculture forestry & fishing, 3, 153, transport & communication 2, 725 and others 3, 088,” he says.

President Sata reiterated Government’s commitment to maintaining macroeconomic stability and addressing the cost of doing business in order to accelerate overall economic growth of our country.Issued by: