President Rupiah Banda says his government will accelerate the diversification of the Zambian economy as a way of mitigating the effects of the global economic and financial crunch.
And President Banda has called for increased economic corporation between Zambia and China.
Speaking at the launch of the construction works of the Lusaka Sub-Zone of the Chambeshi Multi-facility Economic Zone, Mr. Banda said his government has already started working-out modalities aimed at addressing the various challenges associated with the global and economic meltdown.
President Banda said one such measure of mitigating the financial crunch was to seek for more donor assistance and to woo more foreign investors into the country.
He further said that his administration was also putting in place extra remedial measures aimed at promoting development in all the key sectors of the economy.
Mr. Banda said his government will continue diversifying the economy in order to sustain the country’s economic growth and minimize the negative impact arising from the global economic down turn.
He however said the launch of the Lusaka Sub-Zone of the Chambeshi Multi-facility Economic Zone had come at a right time when the global financial meltdown had started exerting massive pressure on most economies in both developed and developing worlds.
Mr. Banda said the multi-facility economic zone will show that Zambia was still an attractive economic investment destination and give confidence to existing investors to redouble their efforts of increasing investment portfolios in the country.
He said the construction of the Lusaka Sub economic Zone was progressing well and that a total investment infrastructure development had reached US$100 million.
He said by the year 2011 , the economic facility will accommodate fifty to sixty zone enterprises with an out put volume exceeding US$1.5 billion of which more than US$600 million would be exported while employing more than 6, 000 local people.
Mr. Banda is happy that Zambia is the first African country to benefit from the China-Africa economic commitment through the establishment of the Chambeshi multi-facility economic zone in which investment will amount to US$900 million.
President Banda further called on the Chinese and other foreign investors to support local suppliers of materials in order to support the growth of the local industry.
Speaking at the same function, Chinese Minister in Charge of Commerce Chen Deming reaffirmed his government is committed to supporting Zambia’s economic development agenda.
He said his government and the people of China will work hand in hand with the Zambian government in enhancing economic trade between the two sister countries.
Mr. Deming further said his government would continue supporting Zambia in its various development programmes and ensure that the Lusaka Sub-economic zone remained the best facility in Africa after its completion.
And China Nonferrous Metals Mining Company (CNMC) President Luo Tao said the construction of the Lusaka Sub economic zone was a symbolic project for continued economic ties between Zambia and China.
Mr. Tao further assured the Zambian government and the people that despite the economic problems that his company was going through, the company remained determined to ensuring that no worker was laid-off in view of the economic crunch.