Finance minister cites importance of teamwork in economic recovery

28 Apr 2023

Zambia’s Minister of Finance Dr. Situmbeko Musokotwane has stressed the significance of teamwork among various stakeholders to boost economies in Africa.

At the opening of the Zambia Institutional Investors Forum in Lusaka, Musokotwane said Zambia and Africa need to boost productive investment in fuelling a complete economic recovery. 

He added that Zambia and several other African countries also need to make the most of alternative investments to boost economic growth. 

Speaking at the Forum, the Minister of Finance commented: “As the Zambia Institutional Investors Forum 2023 gets underway, I wish to state the importance of teamwork among different stakeholders represented here in building the economies of African countries. This Forum is convened at such a time when Africa and Zambia in particular, needs to push so much for productive investment in driving full scale economic recovery,” he said.

Musokotwane also highlighted the available opportunities for investment in several sectors within the so-called Eighth National Development Plan.

“In the agricultural sector, government wishes to expand the production capacity of the sector and promote economic diversification, sustainability and create employment opportunities. 

“Government has already provided incentives to the agricultural sector. These include lower corporate income tax rates in the agricultural sector; suspension of customs duty on machinery, equipment and other goods; and zero-rated Value Added Tax rate for most agricultural products,” Musokotwane stated. 

The Minister of Finance also focused on the importance of the tourism industry: “There are various opportunities in the tourism sector ranging from the establishment of hotels to the development of recreational facilities. Government focus in this regard, is on developing the enabling infrastructure that will unlock opportunities for investment and support to surrounding communities.”

In addition, Musokotwane said the government is planning to increase the manufacturing base by promoting value addition in Zambia. 

“One key strategy is the use of Multi-Facility Economic Zones and industrial parks. The Zones and industrial parks come with a range of tax incentives for companies that are established in these designated areas. Government recognises the critical role the energy sector plays as an enabler of economic development. Given the growing demand for energy due to increased economic activities in the various sectors, the sector is much a priority,” he went on to say.