RESTORED confidence in the economy will go a long way in changing Zambia’s economic trajectory and this can be used to set a pace for economic transformation through a robust economic diversification.
As Standard Chartered Bank Zambia chief executive officer Sonny Zulu observes that the renewed confidence in the economy as well as business opportunities has put the country on the right economic footing.
According to Mr Zulu the country has witnessed positive sentiments in the key drivers of the country’s economy as result of major announcements by major mining companies to approve new multi-million dollar projects and expansion of their operations, which is set to increase copper and gold production by about 25 per cent.
More importantly such new investments demonstrate the renewed confidence in Zambia’s economic growth trajectory.
Stakeholders also see the debt restructuring deal, which was expected to be concluded in due course which will result in winning preliminary approval for a US$1.4 billion support package from the International Monetary Fund (IMF) as one of the key milestones.
The country’s investor confidence had been very low making it difficult to attract investments but now Zambia is being seen in a good light and everyone wants to do business with us.
Indeed these and many other recent developments would serve as a catalyst for further economic growth, more business opportunities and attract more investment into Zambia.
We believe that once key economic fundamentals like the rate of inflation, exchange rate as well as the cost of borrowing are kept at bay, it will be time to encourage investments in key economic sectors such as agriculture and manufacturing.
For the country’s economy to be resilient from externalities participating in the regional and international market will be key.
And we have no doubt that the Government would support these key sectors going by the high level of commitment in the current administration in stabilising the economy.