The Ministry of Commerce, Trade and Industry has received investments pledges totalling to over US$4.3 billion from investment missions government undertook in 10 countries.
Minister of Commerce Trade and Industry Bob Sichinga said this will result in the creation of an estimated 33,000 jobs.
Mr. Sichinga disclosed that his ministry has so far received investment pledges worth US$678 million in the manufacturing sector, with expected corresponding job creation of 8,700.
He told journalists at a media briefing in Lusaka yesterday that the investment pledges are expected to take off as soon as all other relevant matters are accomplished.
He said government is planning to undertake more investment missions to attract a wide range of investors as it does not believe in what he termed as a one nation focus investment strategy which was the case in the previous government.
Mr. Sichinga stated that his ministry is also developing a framework for implementing joint ventures within the country between foreign investors and Zambians, while simultaneously offering investor facilitation services to Zambians abroad who wish to invest back home.
And the Minister said the development of the Multi-Facility Economic Zones (MFEZ) is progressing well with the Chambishi MFEZ having already implemented 60 percent of the projects while the Roma Industrial Park stands at 30 percent.
He said the Lusaka South and Lusaka East MFEZs are currently at 10 percent, while the Lumwana and Sub-Sahara gemstone are still at start up stage with five percent implementation due to difficulties in attracting probable investors in the park.
Mr. Sichinga further disclosed that Sub-Sahara gemstone has established a Memorandum of Understanding (MOU) with an infrastructure value pledged investment of US$945 million and with a potential in excess of US$145 million partner in a joint venture.
He said the Chambishi MFEZ now houses 19 enterprises including three Zambian companies, adding that indications on the ground show that other firms have expressed interest in locating in the zone.
He said five more enterprises are expected to establish their businesses before the close of 2012.
Mr. Siching said while the total pledged investment for the development of the Chambishi MFEZ is more than US$945 million for infrastructure and other facilities, the pledged investment by investors to date amounts to approximately US$1 billion.
He said so far US$322 million has been invested in capital equipment by companies who have set up in the zone.
Meanwhile, Mr. Sichinga said Zambia’s drop in ranking on the World Bank Ease of Doing Business was not a comprehensive measure of the business environment in the country because the ranking on the ease of doing business did not measure all aspects of the business environment.
The Commerce Minister stated that though Zambia’s ranking on the World Bank Ease of Doing Business Report has dropped, Zambia’s ranking regionally is favourable and ranks above the regional average.
He said Zambia is third in the Common Market for Eastern and Southern Africa (COMESA), sixth in the Southern Africa Development Community (SADC) and ninth in Africa on the ease of doing business.
Mr. Sichinga attributed the drop in ranking to data that was used by the World Bank in the 2013 report that did not include reforms that were undertaken in the last one year.
He cited the electronic registry for business licenses, the one-stop-shop for business registration and the online name search facility as some of the reforms that were not taken into account in the report.
Mr. Sichinga stated that it was unfortunate that the World Bank, Doing Business Reform Project Team that collected the data did not contact the Private Sector Development Reform Programme (PSDRP) to verify or confirm any reforms that were undertaken in the past year.
The World Bank 2013 Doing Business Report that was released on October 23, 2012, indicated that Zambia’s ranking dropped by ten places to 94 out of 185 countries.
ZANIS
The only minister in this government whose pronouncements are often hot air blowing than concrete strategies.
Bob since you lied about the 3 trillion, we don’t believe your numbers. You are a habitual liar. Economist my arse. That’s what happens when you pick up a destitute hobo and make minister.Â
These pledges are probably carried over from the investment commitments negotiated and secured by the investment missions undertaken by Rupiah Banda.No way PF could have secured those kind of figures in one yr given how they’ve mismanaged the US $3b left in forex reserves by MMD and their unfriendly takeovers of Finance bank,RSZ and zamtel.Economics is just not the forte of the PF.
Plus Bob, you wankers are changing the Investment Incentive Law so the tax breaks begin counting from company formation. So why should anyone bring his money to Zambia while neighbors offer better deals and they also have the same opportunities.Â
Plus with your shaved head and that serious look you pretend, it makes you look like an angry erect penis.Â
Yaba!
We need actual investment not these promissory notes. we have been there before.
Nonsence i dont think they are any new investments the country seems to be on autopilot as things on the ground are way way worse than expected as money is very difficult to find nowdays and crimes on the upswing at the moment
Sichinga is a poofy head! You’re advised not to ingest !
I think that the govt needs to realise that developing an economy is not easy matter.
Firstly, if they want to create 200,000 jobs in 2 years (or something like that) simply means that by their own math – USD4,3bn is only generating 33,000 jobs! can anyone imagine that they will need over USD26bn to create 200,000 jobs! I dont need a brain to say this is not doable!
We need to change approach to job creation in the short term and focus on labour intensive areas like agric. with a better cost of doing business, the services sector remains largely un-exploited including tourism. Need to work on building a bigger middle class which will lead to a bit more domestic demand the therefore growth of the services sectors. Employment creating is really a tough wankie. We need a proper think-tank
What happened to those pledge figures you gave us 6 months ago have they come to fruitation…let’s be serious Bob a pledge is merely a promise or showing interest like window shopping in a store.
Iwe ka Bob start delivering we are tired of ur lectures and rhetorics.bring ndola industry to life.Ukubwatabwata kwati mwanakashi we fumo.Naiwe sebele wakwe jump start bob he is not delivering.
Shikulu ba sata ur bro in law is full of talking,kindly in national interest as opposed to family interest fire him or take him somewhere else.Mutati was 10 times beta than bob.That ministry is very important for employment creation i think even the young miles sampa can do beta.Miles is a cab minister material.