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Zambia continues recording economic growth - Sichinga

Zambia continues recording economic growth - Sichinga
By Misheck Wangwe in Ndola
Tue 03 July 2012, 13:23 CAT

COMMERCE, trade and industry minister Bob Sichinga says the country has continued to record economic growth rates of above six per cent.

In his message to the show-goers at the 48th Zambia International Trade Fair in Ndola, Sichinga said the growth was not only in the mining sector, but other sectors had made equally significant contributions. He said last year, the country recorded 7.6 per cent of Growth Domestic Product (GDP).

Sichinga said the contribution was commendable and there was need to keep the pace and seek to improve on it if the country was to create wealth and reduce poverty.

He said this year's ZITF theme 'Creating synergies beyond borders' meant that the country should not look at the domestic market only but also at the rest of the world as part of the market.

"This is what we mean when we talk of creating synergies beyond borders. The PF government has continued to engage the Democratic Republic of Congo, with a view to signing a bilateral trade agreement. When signed, the agreement will go a long way in deepening trade between our two countries. This will create opportunities for Zambian companies to export," Sichinga said.

Sichinga said as part of the development agenda, the PF government would improve the structure of incentives offered to local and foreign-owned companies by promoting outward-looking trade and competitiveness strategies.

He said the Zambia Development Agency's legal framework had continued providing incentives and that his ministry was geared to work to improve the incentives structure further when need arose.

He said the PF government had put in place policies and was working to provide facilitating infrastructure that would enable companies to export to other countries.

Sichinga said initiatives such as the planned Intra-Africa Trade Centres, to be located at major border points, which were being pursued under the regional economic groupings of Comesa and SADC, would help to fulfil the objective.

He said the basic incentives for regional integration was that it offered a larger market space beyond the domestic market and regional bosses had taken further steps by deciding to create a grand free trade area, now collectively being referred to as the tripartite area.

"By 2014, the tripartite area which will encompass 26 countries, with the consumer base of just under 600 million people would result in combined GDP of more than US$1 trillion," said Sichinga.

Labels: ECONOMY, ROBERT SICHINGA

posted by MrK @ 1:33 PM