Maravi

Zambia needs to move from dependecy on copper - World Bank

Zambia needs to move from dependecy on copper - World Bank
By Gift Chanda
Mon 26 Mar. 2012, 12:00 CAT

THE World Bank says Zambia urgently needs to diversify its economy and end dependence on copper for it to attain the Vision 2030.

Visiting World Bank managing director Sri Mulyani Indrawati observed that the Zambian economy is over-dependent on a few commodities and few activities, a situation she said made the economy very vulnerable.

She said the economy would need to be "rebuilt and diversified" for the country to achieve the goals and objectives under the country's Vision 2030.

Indrawati said this when she launched the One-Stop Shop and Business E-registry in Lusaka on Thursday.

The E-registry simplifies and shortens the registration process by enabling firms to proceed with all licensing steps at a single location.

"Having this one-stop service is a very strategic first stop for Zambia because it will easy and provide all the necessary information for the business community and the private sector initiative to get all the necessary information and most important finish all the registration under one place in an easy process," Indrawati said.

She said the initiative would make Zambia improve in terms of the way it does business in the region.

Indrawati said reform processes had put Zambia in the top position compared to other sub-Saharan African countries when it comes to the ease of doing business.

"Zambia is now ranked seventh in Sub-Saharan Africa when it comes to the overall ease of doing business. But that is not adequate," Indrawati said.

"Simplifying procedure and ensuring that you ease doing business here is actually the first step for the private sector to prosper as well as create jobs in this country."

She said the government would need to review all policies that have been hampering economic diversification and employment creation.

Indrawati also called for capacity creation in institutions relevant to the country's economic growth.

She said the World Bank stood ready to assist Zambia in its economic diversification quest.

"We are pleased to be Zambia's partner in working towards a sustainable model of growth which relies not only on the exploration of natural resources, but also on the development of the country's private sector," said Indrawati.

In sub-Saharan Africa, entrepreneurs often find it expensive and slow to both open and maintain a business, hampering their ability to expand their enterprise and create jobs.

Zambia's Private Sector Development Reform Programme (PSDRP) has been accelerating regulatory reforms in a number of key sectors with an aim of reducing the cost of doing business in the country.

It has already expanded the one-stop shop in Livingstone and plans to open similar offices in other parts of the country.

Commerce minister Robert Sichinga said the government would create one-stop shops in all provinces.

"The one-stop shop and e-registration are two concrete steps we are taking to empower business in Zambia," said Sichinga.

"We are committed to an all-encompassing programme of business reform which will have a lasting impact on the private sector."

Labels: COPPER, ECONOMIC DIVERSIFICATION, ROBERT SICHINGA, SRI MULYANI INDRAWATI, World Bank

posted by MrK @ 11:46 PM