. CHELLAH

By KAIKO NAMUSA –

PRESIDENT Michael Sata says the Industrial Development Corporation (IDC) will be a tool for modernisation and diversification of the economy in order to create jobs, wealth and prosperity for the Zambian people.

He said the State would through the IDC maximise the value of Government assets by establishing a sovereign wealth fund which would focus on stimulating investment in strategic non-mining industries, among others, thereby expanding the country’s investment portfolio and thus creating jobs.

President Sata said the establishment of the IDC would also boost the contribution of State Owned Enterprises (SOEs) to national development by placing them under one umbrella holding entity to deepen their reform, enhance efficiency and maximise returns.

This is according to a statement released in Lusaka yesterday by Special Assistant to the President for Press and Public Relations, George Chellah.

The Head of State said the IDC was Government’s strategy to enhance domestic capital formation, wealth creation and preservation by focusing on exploiting the country’s advantages in natural resources and actively developing industries and enterprises to create jobs for the people.

Mr Sata reiterated Government’s commitment to job creation and industrialisation in order to create a better Zambia for all.

“To date more than 355, 335 jobs have been created since the PF (Patriotic Front) came into power.

“The IDC is Government’s strategy to enhance domestic capital formation, wealth creation and preservation by focusing on exploiting the country’s advantages in natural resources and actively developing industries and enterprises to create jobs for the people,” he said.