There is a growing need to improve market access for African goods and increase Foreign Direct Investment (FDI) on the continent, says Minister of Finance Dr Bwalya Ng’andu.
And Dr Ngandu has reminded local economic players in Zambia to submit their tax and non-tax proposals for the 2020 national budget and the 2020-2021 Medium Term Expenditure Framework (MTEF).
In a speech read on his behalf by controller of internal audit at the Ministry Joyce Sundano during the 2019 ZICA Annual Business Conference, Dr Ngandu bemoaned the high cost of doing business in Africa, coupled with the barriers that country’s face that do in turn affect growth.
He called for the need to improve market access for African goods and increase FDI on the continent to grow economies.
“We are living in a world where the rate of scientific development doubles every second year, and underdeveloped countries are finding it difficult to match the technological development of the advanced world. The past decade has witnessed an adverse movement; the gap widened in a way that contradicts the principle of globalization. Additionally, the cost of doing business in Africa is high and needs to be addressed coupled with the several barriers that African countries encounter which may affect growth. There is a growing need to improve market access for African goods, increase FDI and making Africa a tourism destination,” Dr Ng’andu said.
“The government is investing in infrastructure development to promote accelerated sustainable development and inclusive growth. This is being implemented through the construction of new, and expansion of existing airports; rail and road infrastructure to ensure that Zambia is land-linked and becomes a true regional hub in the Southern Africa, Development Community (SADC), and the Common Market for East and Southern Africa (COMESA regions.”
Dr Ngandu, however, hoped that the 2019 ZICA Annual Business Conference would make a substantial contribution on the best practical ways and means of promoting professionalism in the country’s economy.
“The leadership of the new world is faced with two choices: to stand by and watch the rich get richer and the poor get poorer, or to build a system that eventually results in the distribution of the world’s wealth according to the concept of globalization, not only in the use of resources, but also in their distribution. I hope that the discussions at this conference, that will take place in the next three days, will make a substantial contribution to the best practical ways and means of promoting professionalism in business. Given the paramount importance of good governance, it is my sincere wish that this conference will bring out exemplary good governance practices and in so doing businessmen and women will be motivated to pursue business goals proactively,” he said.
And Dr Ng’andu reminded local economic players in Zambia to submit their tax and non-tax proposals for the 2020 national budget and the 2020-2021 MTEF.
“I will be presenting the 2020 national budget in the next few weeks and I wish to remind the business community and the public on the need to respond to government’s call for tax and non-tax proposals for the 2020 budget and the 2020-2021 Medium Term Expenditure Framework. We look forward to more engagements and cooperation with both the public and private sectors during the remaining quarters of 2019,” said Dr Ng’andu.