Zambia Sustains Growth

ZAMBIA has continued to record notable increase in Foreign Direct Investment (FDI) inflows reflecting continued investor confidence in the economy, President Michael Sata has said.

This is contrary to claims by opposition United Party for National Development (UPND) leader Hakainde Hichilema that the Patriotic Front (PF) Government was implementing poor socio-economic policies, which had in turn aersely affected investor confidence.

Mr Sata said Mr Hichilema, a self-claimed economic manager should not mislead the nation by making unsubstantiated statements that Government had failed to manage the economy.

The Head of State questioned the investment statistics the UPND leader was using to come up with ‘such an erroneous and simplistic evaluation of the country’s general economic performance’.

Mr Sata said that in terms of actualised investment, the economy had recorded US1.8 billion in 2013, $1.7billion in 2012 and $1.1billion in 2011, representing a steady increase, since assuming office in 2011. President Sata said this in a statement issued by State House Special Assistant for Press and Public Relations, George Chellah in Lusaka yesterday.

“For someone who claims to be an economic manager, we expected Mr Hichilema to show his economic management competence by engaging the public with proof as opposed to his usual pedestrian arguments about the investor confidence in the economy,” the President said.

He said maintaining a positive investment climate for current and potential investors was an important component of Government’s economic growth plan.

“This is evidenced by the increased actualised investment and non-traditional exports (NTEs) both of which reached the highest in 2013,” he said.

He said as of December 2013, NTEs were valued at more than $3.5 billion, while for the period 2012, NTEs increased to more than $2.8 billion compared to $1.8 billion in 2011.

“NTEs increased mainly on account of higher earnings from the export of copper wire, burley tobacco, cane sugar, fresh flowers, fresh fruits and vegetables, electricity, petroleum products, cement and lime, and electric cables,” he said.

Source : The Times of Zambia

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