Per capita income has trebled, says Mutati
Per capita income has trebled, says MutatiBy Chiwoyu Sinyangwe and Katwishi Bwalya
Friday October 03, 2008 [04:00]
Commerce minister Felix Mutati has announced that the country’s per capita income has in the last five years increased by three times, making it one of the fastest growths in the region.
And Sandesara Group of India Chairperson Nitin Sandesara said his group would create a platform for further expansion of their investment in Zambia.
Mutati was speaking on Wednesday during the signing of the memorandum of understanding between Sandesara Group of India and Zambia Development Agency (ZDA) involving over US$100 million expected to be invested in mining-related activities by the India-based company.
He said there was need for the country to further attract Foreign Direct Investments (FDI) as a way of consolidating gains made in increasing the country’s per capita income in the last few years.
“In 2002, our per capita income was more than US $435 and as at the end of last year, it trebled to over US $1400. That perhaps is the highest increase of per capita income in the sub region,” Mutati said. “That means the Vision 2030 is within reach and we have to consolidate our investments so that we exceed that vision.”
And Mutati said although Sandesara’s investment would primarily be in Greenfield mining activities, the government would encourage the company to venture into partnerships with individuals and firms that already possessed mining assets to expedite the investments processes.
And Sandesara said his group has a portfolio of mining various minerals in the world and net asset value of US $5 billion.
“We also intend to invest in gas, oil and in the pharmaceutical industry,” said Sandesara.
Labels: FELIX MUTATI
posted by MrK @ 9:50 PM
2 Comments:
I would like to see the source for that statement. Also, per capita income is simply total income divided by all citizens, not the mean income of the citizen. And in an economy where inequality in incomes is increasing because of the neoliberal MMD's shift from taxing corporations to taxing workers' incomes, it is meaningless.
"Also, per capita income is simply total income divided by all citizens, not the mean income of the citizens."..."total income divided by all citizens" IS the mean income of all citiznes.
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