GOVERNMENT has embarked on a master plan to stimulate industrial development and create about a million jobs in the next five years through the revival of the Industrial Development Corporation (INDECO).
Government’s move is prompted by its resolve to shift dependency on the mining sector to focus attention on industrial development.
Deputy Minister of Commerce, Trade and Industry Richwell Siamunene said through Government’s strategy on job creation and industrialisation, jobs will be created in manufacturing, tourism, construction and agriculture sectors.
He said legal issues on the revival of INDECO will be taken care of by technocrats.
Mr Siamunene said in an interview in Lusaka yesterday that Government is in a hurry to develop the country.
“The target is to create one million jobs in the next five years of establishment of INDECO. With this creation, we will make sure that the objective of creating jobs is realised,” he said.
He said Government will create industries and has identified areas which are critical to job creation.
“Once these areas are fully developed, there will be more jobs. We thought it is necessary that there must be a conglomerate or institution that will spearhead this endeavour,” he said, in reference to the revival of INDECO.
Mr Siamunene said INDECO will also oversee and facilitate the setting up of industries in all sectors.
[pullquote]The Minister has revealed that President Michael Sata will chair the board of directors for effective results.[/pullquote]
“Its [INDECO’s] sole responsibility is to make sure that there are more industries, create more jobs and reduce poverty. That is what President Sata has put in place to make sure that all districts, all provinces have industries,” he said.
He said, however, that the difference will be insignificant and in some areas the current INDECO will handle what the defunct INDECO handled in the past.
He said INDECO will also monitor and evaluate companies to establish whether they are achieving their goals.
Mr Siamunene said Zambia cannot continue depending on copper.
He said creation of industries in rural areas will reverse the rural-urban migration.
And Government has said that the re-establishment of INDECO is aimed at having all parastatals to be under one Conglomerate and maintain sovereign wealth under one firm.
Commerce Minister Emmanuel Chenda has told ZNBC News in an interview that the firm will be the umbrella body of parastatals.
Mr. Chenda said that while government supported private sector investment, it recognised that private firms do not go into risky areas as they profit-oriented hence the establishment of INDECO which will see the establishment of companies in risky areas.
He said that this will involve value addition in various industries which supports job creation and export of finished products.
Mr. Chenda said that the PF government is in a hurry to develop the nation and create jobs hence the move.
The Minister has revealed that President Michael Sata will chair the board of directors for effective results.
He said Cabinet has already given approval and the operations of the body is now being finalized and is set for official launch soon.
This chap is dull. Private firms are smart not to invest in risky sectors, so why should this so called white elephant without smarts referred to as INDECO invest in risky sectors. The same mistake was made during the Kaunda era and we are falling into the same trap all over again.
Zambian, Zambians or should I say Zedian, we need some kind of industry development plan if our nation has to develop, INDECO is not a bad idea at all. lets just hope and pray that we have learnt from our past mistakes. I hope the CEO and all the fimo fimo in INDECO will not have such thing like education, housing, sitting and talking allowance. if the CEO has children let him take care of there education and not INDECO..
ba siamunene na ka lufumo ka manu at his age sure!!!
Though brilliant the INDECO idea might be, it will not succeed under Sata. Nothing is run smoothly under Sata. Can those in support of the idea point out which area of our economy is running smoothly since this mad man came to power?
In as far as I know, Education ,Health, Agriculture, Manufacturing, Mining,are all in shambles because of Sata ‘s arrogance. He thinks he knows it all when in actual fact he is as dull as a chicken.
Immediately Sata came to power he created districts which in turn created councils and other government bodies. But unfortunately workers in these districts have not been paid for months on end now due to lack of money. And now the government wants to shut some of them. What a waste of resources!
what is happening to created councils will happen to INDECO…
The so called PF’s flagship construction projects, are also about to grind to a halt because Sata has chewed all the money to pay the contractors.Some of the contractors engaged to complete these projects have pulled out due to non payment.The only projects which will be completed are those initiated by MMD because the majority were fully paid for.
I suspect PF wants to nationalise already existing businesses especially those that belong to opposition members.
People don’t forget so easily that PF thrives on BUFI.They lied their way into power and they continue to lie to stay in power. Nothing comes out of Sata ‘s mouth is believable.
I urge all people to open their eyes and begin to rally behind UPND and HH.UPND is our only hope for a real sustainable better future for all…
So far Sata has done a brilliant job. He is very serious when it come to national developments. We are seeing more developments and good things happening in our nation than during Levy and Rupia’s time. Sata is a very forecast leader. He does not believe in talking only. He is indeed a man of action. I passed thru pedicle road yesterday and i was really impressed with what i saw. The tarmac and a modern bridge at Lubembe river on the pedicle road. What a great job by PF govt. I am sure we shall give Sata and PF 150% votes in Luapula this time around. Atleast things are seriously happening now.
Parastatals control key sectors, such as agricultural exports, transportation and telecommunication, manufacturing and agricultural trade. The government exercises immense control over parastatals, as it has powers to appoint directors and issue directives of a general nature.
The then Managing director for INDECO is on record stating that “parastatals must be allowed autonomy within government policies to get on with their legit business of risk taking without conforming to the regulations and procedures of the civil service”. Meaning government was heavily involved in the running of parastatlas, and Our president Micheal Sata and Kenneth Kaunda were at the for front of running parastatals that failed. Yet today Zambia votes for the same people to run the economy.
Parastatals are deeply in most fiscal problems of African governments because of their inefficiency, losses, budgetary burdens, and the provision of poor products and services, occasionally they achieve some non commercial objectives which are used to justify their poor economic performance.
In 1975 to 1976 INDECO registered a loss and failed to show profit, in its response to the deepening economic crisis, Zambia resorted to reduced governmental budgets, devaluation of the kwacha by 20 percent in 1976, an an additional 10 percent in 1978 and accelerated foreign borrowing, to meet its growing external debt. The current governor of Zambia was part of this. Declining governmental revenue, shrinking foreign exchange, low copper prices rising import costs, decreasing productivity and
Anti five years from now? you will be in the museum. Thus when you are thinking of five years, You 18 months remaining.
disappointing agricultural results. Government spokes person in 1975 charged that parastatals should be allowed to increase prices to cover the other increased costs but what they did not want to acknowledge was that the country was mismanaged, over staffing was the order of the day, bad planning and other ills. This is what we are facing in Zambia today. The practice of frequent shifts of top management personnel from one post to another had been criticized by senior minister and Kenneth Kaunda claimed that certain positions were given to inappropriate qualified individuals to save his own skin. Kaunda and Sata, transferred management and ministers at will, in 1973 -1976 (INDECO had six different managing directors). Corruption was the order of the day.
Governments involvement in the financial activities of state enterprise was most evident – in most cases commodity prices had been fixed at all levels well below cost of production – for example fifty kilogram of corn mealie meal which was milled and distributed by national milling company a subsidiary of INDECO was fixed to 4.00 although the cost of production was estimated at 12.36. They did the same for bags of fertilizers. You can Imagine the knock on effects?
How far in other words does the principle of corporate autonomy need to be modified in certain new state context especially in a country like Zambia. MMD has shown that it is possible to experience growth without interference. I will maintain that do not need the introduction of INDECO, especially under this regime.
the last kicks of a dying horse…. you have 18 months the will be no 5 years… in 18 monte PF will be history
Parastatals such as INDECO need latitude to operate as efficient business operations, and not as vehicles for the achievement of social or other goals promoted by government. They are already talking of creating 1 Million Jobs through INDECO (sounds like a goal promoted by government to me). We still have other projects that are yet to be started and finished by the same government that has already overrun it’s budget. What will happen to those projects. We can but only warn you Zambia, if you have ears you will litsen.
Good case examples are counties such as Kenya that are becoming a force to be reckoned with economically. Kenya has maintained economic stability and fiscal discipline even in the face of fiscal pressure from the March 2013 elections.
@chikopo
For sure ndiwe chikopo,because you can not see the destruction this Sata has brought to our country.
If Sata is a man of action, which electoral promise has he fulfilled in two years. Even on food security and lower mealimeal prices, the easiest of them all ,Sata has failed to deliver in two consecutive years. What more major projects like establishing manufacturing industries? He can’t manage at all.
Right now he has failed to bring order in his party,how on earth will he manage to establish major parastatals and ensure that they are profitable.
This is just another BUFI project aimed cheating the Zambians to believe that PF has ideas for the country and yet they are just CNP. INDECO is 2014 joke of the year!
The only way to a better future is UPND and HH.
What has stopped our government from doing the same? I will answer this one for you, “bad economical policies and management”. Kenya’s economy is expected to grow at 5.8-6% this year, even after the September 17, 2013 terrorist attack in Nairobi, according to projections by the World Bank and the International Monetary Fund (IMF). This will be a significant improvement over the 4.6% gross domestic product (GDP) growth rate it recorded in 2012. What am i trying to say. You do not hear them making excuses for poor performance, (unlike in Zambia) Any government that takes over is expected to meet and exceed performance of it’s predecessors. Is this the case in Zambia? That’s a rhetorical question by the way.
Conclusion – INDECO will not work in Zambia, especially under these unfavorable economic conditions which are under this regime. We are going back to UNIP Days whilst our colleagues in Kenya are working hard to remove these parastatals from their economy. We are introducing Parastatals whilst other countries are crying because parastatals are a drain to the economy and budgets. poor Zambia wants to Jump in. Have you failed to think outside the box Mr PF.
@Wanzelu, HH will never be president of this great republic. The guys is just too tribal to become one. May be to be a a councillor in his home town, Monze. He will vote for him by the way. Luapula, Northern, Eastern, Lusaka, Copperbelt and half of Central will not vote for him. So, where his he going to get the votes to be president will come from??? You are day dreaming. HH will never be president, full stop. This guy is very tribal!
QFM radio please hold a national debate on this issue. We don’t want Sata to steal money in the name of creating INDECO just like he is stealing in the name of RDA.
@ Chamba
stoap parading your idiocy nokoh sopo kuchinyoh.HH aleteka uno muku.if a fosil can be voted into power what more genius.tulemupela nankwe tumone epo akatufisha
In China you can not wake up in the morning or just walking and decided, they kill. Corruption is death sentence. Thus why that RB case is shambles.
So what is point, do not compare a monkeys and rats.
Parastatals wont work. All relatives for PF cadres will get the jobs. Have run short of what.
Let us have a public debate on TV and Radio between cons and Pros, since most MPs are confused and dull.
Like always, I maintain that is wasn’t INDECO that was wrong, but the selfish motives of those who formed and ran the conglomerate. Am particularly worried about the insinuation that govt may deliberately gamble with our national finances by deliberately investing in RISKY ventures & use this excuse to embezzle public funds! An sound industrial base is definitely a must for growing the country’s economy and employment opportunities, it all lies in the objectives, honesty, suitability & professionalism of the management structure & teams.
Sorry, I meant “… IT wasn’t INDECO…” and ” A sound industrial base…”
IF PROPERLY MANAGED FINDECO WILL BE EFFECTIVE SOLUTION TO JOB CREATION. KK’s FINDECO FAILED BECAUSE ALL COMPANIES UNDER FINDECO CHANNELED MONEY TO UNIP. ALL INDUSTRIES WERE FORMED TO FEED UNIP IN THE CAMOUFLAGE OF ”THE PARTY AND IT’S GOVERNMENT”. I DON’T THINK THAT CAN HAPPEN NOW DUE TO MULTI-PARTISM. THIS IS WHAT I HAVE BEEN HOPING FOR- THE GOVERNMENT TO INITIATE FORMATION OF COMPANIES INSTEAD OF WAITING FOR A FOREIGN INVESTOR WHO IS MORE INTERESTED IN QUICKLY MAKING MONEY BUT NOT THE LONG TERM BENEFITS. UNDER FINDECO, EVEN CORPORATES SUCH AS ZCBC, OK ZAMBIA, MWAISENI MUST BE REVIVED TO COMPETE WITH FOREIGN ONES. IN FACT THEY SHOULD BE FED BY LOCAL FARMERS AND LOCAL FOOD PROCESSING, AND OTHER MANUFACTURING INDUSTRIES. NEW COMPANIES SUCH AS BOAT-BUILDING, ELECTRONIC (COMPUTERS,…
…FOOD TECHNOLOGY COMPANIES, CIVIL ENGINEERING COMPANIES, TEXTILE, ETC) MUST BE INITIATED BY THE GOVERNMENT. I AM PRETTY SURE THIS IS A GOOD MOVE BY THE GOVERNMENT. THE FACT THAT UNIP FAILED DOES NOT MEAN THAT EVEN PF WILL FAIL. THEY ARE IN DIFFERENT CIRCUMSTANCES ALTOGETHER. PF HAS A FAVOURABLE CONDITION TO MAKE IT AND CREATE MILLIONS AND MILLIONS OF JOBS WITHIN A SHORTEST PERIOD OF TIME. GO FOR IT PF. FORGET ABOUT KNEE JERK REACTIONS OF OTHER COMMENTATORS. IF THE SAME IDEA CAME UNDER A DIFFERENT NAME, ZAMBIANS ARE SO DULL- THEY WOULDN’T HAVE RECOGNISED IT IS AFTER ALL FINDECO. IN FACT THE MAJORITY WOULD HAVE BEEN PRAISING THE GOVT FOR THE BRILLIANT INITIATIVE. LET THESE ENVISAGED PUBLIC COMPANIES COMPETE WITH FOREIGN ONES IN WHICHEVER WAY YOU MAY THINK OF.
#1.20 WANU NGWEE, YOU ARE POSITIVELY RIGHT. THERE WAS NOTHING WRONG WITH INDECO. THERE WAS SOMETHING TERRIBLY WRONG WITH ALL THE UNIP CHAPS AND THOSE WHO RAN THE COMPANIES. THE MONEY THAT WAS STOLEN FROM THESE COMPANIES WOULD HAVE DEVELOPED ZAMBIA TO THE LEVEL OF A DEVELOPED COUNTRY. THE RISK BUSINESSES THE GOVT IS TALKING ABOUT ARE THOSE SERVICES AND GOODS DIRECTLY TO SERVE THE INDIGENOUS ZAMBIANS. EG- CONSTRUCTING A ROAD IS A RISK BUSINESS TO A FOREIGN INVESTOR.
@Chamba
Its a pity that you are still under Mmembe ‘s spell. Mmembe brain washed you lot to think that HH is tribal so that you give your support to Sata who is protecting him from paying back the 14 billion.
If there is a true leader who cares about every Zambian it is HH. In all his companies he has recruited skilled men and women of every tribe as long as they can do the job unlike Sata who practices “wako ni wako”.
Well if you say Muchinga province only wont vote HH, I will agree with you. But Northern and Luapula provinces are slowly ditching PF. By 2016, PF will be no more in Northern and Luapula provinces. While UPND is gaining grounds every minute.
Open your eyes and see.Nearly every one even on LT has began to see that UPND and HH are the only ones to restore sanity in…
Bwalya Ngandu to lead IDC sources have revealed he will lead a small elite team to be announced next month. They are eight in number including one former CEO, two from Private Sector!
1. Profits from performing companies are taken to non-performing ones in order to sustain them. E.g. profits from Zesco are taken to Zambia Airways. Zesco can no longer build new power stations whilst Zambia airways is busy transporting employees to London for shopping.
2. Companies are no longer motivated to perform because it makes no difference. “Big brother will take care if we don’t. If we make huge profits, it’ll still be taken away any way!”
3. Most firms now over-employ and in the end become unprofitable. High overhead costs drain all profits. INDECO head-office executives ‘live large’ & even send their spoilt kids to Europe for education
4. Quality of products & service becomes shoddy. Products can’t compete against imported goods. Govt moves in to impose high duties on…
5. Mother-body INDECO borrows (through Govt) from IMF & World bank in order to sustain itself.
6. Govt starts to default on loans & the penalties are worse than the actual instalment.
7. Inflation is at its worst & people revolt, triggered by the rise in food costs
Any effort with the realistic promise of job creation should be promoted by all well wishers. It is the responsibility of the state to ensure economic empowerment of all citizens regardless of their location. What makes rural areas generally risky for business? It is because no body want to “risk “taking development there.
Viva INDECO. Viva HE MC Sata for being pro-active.
INDECO is everywhere,
Italy,
Australia,
Peru,
South Africa etc.
Our INDECO will definitely succeed if we can use the old Indeco and the success stories of other Indecos in other parts of the world above as case studies.
The President’s idea is superb.
You had the opportunity to learn from success stories of other INDECO’s during Kaundas era and it still never worked. As before, It will never succeed especially with the unaccountable, corrupt and mediocre management that will be appointed to run the it.
Too quick to criticise. How can industrial development cooperation be a bad idea? There is no country under the sun which has developed without industrialisation. In hindsight, KK was way ahead of his times in this regard. Mansa batteries, Kapiri glass factory, mulungushi/ kafue textiles, oil refineries. There was some industry in every province. Yes these entities were run badly but then and now are different. We have more educated people and with lots of failed experience to learn from. Take your time to understand issues before commenting.
@chilala , we all know that mistakes were made during KK, however the man was way ahead of his time as chete put it. KK did away with coca cola and the like. he believe we could do it as a nation, there was a birth of an industry Zambia bottlers was making a Zambian owned soft drink, kwench, Zambia sugar, and the like. yes thing went bad, I mean really bad.. one ought to remember that even the great economic giants of today had major ecomonic depressions, their people died in numbers because of hunger, but they kept going and believed in what they were doing.. look at USA, they speak we all listen. persist, believe, and dream big. nothing is impossible.. WE CAN DO IT……
people thought realigning and creating districts will end poverty but still. people thought removing subsidies on all the essentials is going to benefit the poor, but still. what’s people’s take on INDECO? Sata being the chairman. the next government will spend 3 good years chasing SATA and his minions. it is just a circle
@Chilala
You do not opt for celibacy just because your first wife had cheated on you. But instead you should use the past experience to fine tune your life. As we say ‘experience is the best teacher’.
I am not opting for a celibacy but for a second wife I know will not cheat on me. Private investment has always been the answer for profitability and accountablity because these chaps Especially With Sata as board chairman will not be accountable.
Deputy Minister of Commerce, Trade and Industry Richwell Siamunene said “that the difference will be insignificant and the current INDECO will handle what the defunct INDECO handled in the past.”
But you would not be looking for another Joyce to fine tune, just because your first wife’s name was JOYCE if you know what I mean.
Presido to be Board Chairperson?? Knowing the powers of a Zambian Presido, no one else will talk in board meetings! But again, the Presido has already enough of duties on his plate!!!
And he has 14 months before he start campaigning
i want to add a permalink on LT like @nine chale@musana wanzili @[email protected],@nubiana princess.how do i do it please.somebody help me and don’t insult me.
Cindy?
A million jobs???? Wishful thinking!!!!!!………lol
The same dull,visionless govt that was lambasting ILO for not creating jobs in Zambia.The same chaps who’ve failed investment game as private citizens thus opting to be in govt just to eat.
The initiatives Michael’s government is promising reaffirm the reality that industrial policy must be a policy-led process of state interventions to drive and promote economic growth and development. Developmental objectives should not always be subordinated to profit maximisation.
We must ponder and reach our own conclusions. They have impaired the human mind and made everyone to believe there is only one way – the neoliberal way – to run an economy. And neoliberalism wants to turn all countries, especially our poor countries, into private property. They want a world dominated by the ideology, the standards and the principles of neoliberal globalisation. But it is not possible to resign oneself to a world order whose highest principles and objectives embody a system that colonised,…
This is one of the most dangerous ideas to have been ‘hatched’ by the PF so far. This idea wont work and our past is replete with lessons why parastatals cant work. The issue is that the PF came to power without any economic plan on how to create jobs. They are now panicking and improvising as 2016 approaches. I bet this idea has not been discussed and analysed by Cabinet – it is simply Sata who said it , and all the PF being cowards are going along with the idea even when they know it cant work. Pls PF forget this idea, dont take this country 30 years back. We dont want UBZ, CH, Mwaiseni, ZCBC, NIEC, SUPALOAF etc, those parastals were inefficient and relied on state subventions for survival. It appears Sata’s appetite for power is the major motivation – he wants to be Board Chairman.
Spot on. ..this so scary that I wouldn’t let this clowns manage a school tuck shop. This is political agenda driving business doctrine with the core objective being job creation overseen by a politican. ….this is a recipe for disaster from the very onset. Who is Sata going to be accountable to? He can’t even hold a press conference.
When are these dimwits in gov’t going to ever learn that governments do not and should not physically create jobs as per say ….they stimulate growth. If Zambia was a listed company now would the best time to sell sell sell your shares.
Jay!!!
Very cogent there my friend. All the right points.
@ Live wire
People thought
Realigning and creating districts will END POVERTY? You are lying….It had to do with swift service delivery. For example, people do not have to walk miles to get NRC. With time each district will have a district clinic.
People thought
Removing subsidies on all the essentials is going to benefit the poor. Another figment of your imagination!!
100 clinics and universities are coming and pre-primary schools are coming.
What people’s take on INDECO? INDECO is everywhere.
At least someone is concerned about joblessness.
ROME WAS NOT BUILT IN ONE DAY.
Ba Mpundu your government is broke and you know that too.
The same institutions your PF government is constantly running to borrow foreign loans from are the ones that withheld aid when Kaunda was booted out of power on condition that no more money be spent on failing institutions such as INDECO. Do you think they will entrust you with their money this time around? Hell no!!
My comments are reserved on your 100 clinic and universities coz it’s a complete campaign joke.
@Mpundu trust
If the government ‘s creation of districts was a well thought out idea stories of unpaid salaries would not have been a common occurrence.
Mpundu Trust you are a kind person who waits until total destruction has occurred before you act. Some of us believe in nipping it in the bud.
What ever the case, all these are frantic efforts to revive PF ‘s dying image.
PF + Sata = 10000(BUFI) where BUFI = social injustice, fake economic plans, no rule of law, hunger, cronyism, and rampant corruption.
UPND + HH = REAL SUSTAINABLE ECONOMIC DEVELOPMENT, SOCIAL JUSTICE, AND RULE OF LAW.
UPND and HH are the only hope for a better Zambia. 2016 vote UPND and HH for a better Zambia.
We need the final draft constitution to be releases by end of January 2014 or else…
And those citing examples of countries where entities similar to Indeco are not stating is that in those countries the set up of such entities is very different. For instance, to ensure that there are no political considerations or interference, the President and politicians do not sit on the Board. Such Boards are ratified by well balanced parliaments, and the said countries have strong constituional democractic traditions which guarantee separation of powers. In our environment all these critical ingredients are lacking. Until we get the constitutional order and the other prerequisites right, it would be downright silly to cite the other countries as examples to adavance the PF’s ill advised project. By the way what happened to Kambwili’s national service project for school leavers ?
BINGO ! You’re spot on,tell ’em again.
Very true
@Rotten teeth
This is what I an talking about! You are absolutely right. No way can these parastatals can make profits if they heavily politicised.
And Sata wants to the board chaiman not a chairman. A chaiman is a leader of a board without any understanding of how business is to be run.
@Rotten Teeth. Your teeth are the whitest and strongest on LT. What a contributor!!!! Its people like you who give me hope and pride for being born in ZED!! Aluta continua….pamberi nechimurenga….uhuru here we come.
Where is the national airline? Where will 5 years come from? The best thing to do is to identify needed areas of industrialisation across the country, particulary in rural areas. Then to give attractive tax and other incentives to those investors venturing to invest in rural areas, tax heavily those investing in urban areas. Practice of dumping should be seriously tackled to promote local industries. Such a banning imports of Salaula.
Spot on add used tyres to that list! !
Disaster. If we do not learn from history, we repeat it.
Zambia, get ready for another painful history lesson.
Man no disaster is coming.This plan would need serious capital which i dont think these guys have. If these words were coming from chikwanda i would have been worried because it would have meant more borrowing which is not possible because of the droping in the rating by standard and poors.
This corrupted chap by the PF Government is an imbecile and is intoxicated by ubusika. The so called INDECO failed lamentably in the Kaunda era, what proof has he got this time around that things are going to work out right with INDECO. He has become another CNP, the only plan being to serve his stomach. These are the chaps despite their sound education who has made this country a laughing stock. Richwell Siamvwemu Siamunene, what do you use to think young man ? haiwa, gore rino ang’ifuni chitaura.
You mean ubdsized jobs? Please let us unite and smoke out the snaked hold up at state house. The snake is hiding spitting and biting
Why are people criticizing kk and INDECO? KK left a very viable chain of industries as some blogger mentioned,it was your MMD that came in and ruined all the hard work KK had put in.Be objective when you criticize.
Whoever told you the companies Kaunda left were viable. Read the Zambian Watchdog and learn the whole story
Viable chain of industries. Which ones? Pathetic batteries made in Mansa? You are reading a revisionist history book my friend.
If you are old enough to remember, which I am, the country was broke in 1991. News flash — that is why the MMD came into power. They certainly did not do everything correct while privatizing the country, but to say that UNIP built sustainable companies is fiction.
@Zamcab,
‘KK left viable industries when he left’ is that why we had shortages of essential commodities during his tenure? Is that why we had the devaluation of the Kwacha every week and prices increasing astronomically every week?
This is not eve a matter of a referendum or debate. Simply no! We are not taking the country back to the people who damaged it! Kick out all the failed experiments and let the young men of this time take over. We have many of them across in Zambia and abroad to read the times. Even the colonial master has changed his ways…We may use the experienced old folk in parliamentary committees but seriously no, Zambia is not a village to make the main objective of government installing chiefdoms and chiefs.
Zambia is on the global market as a largest…
OMG! Are these kicks of a dying horse? Is the ruling party lacking innovation to explore modern economic strategies? Where on earth in this time and era would an inefficient president be the chairperson of the board entrusted to run the economic affairs of a public sector bossiness? Wow! It’s mother Zambia doing its ugly thing again! Rename your party to UNIP because that’s all it is. SATA please change your name to KK and don’t bother us any more. Spare us your dreams. 90 days………………..wow!
We need a new constitution ASAP. Abash self appointments to post of influence. For you, its not enough just to be president. Next you will be Brigadier General SATA!
This is actually a good move by government. Lets support it.
This move will help us have control and benefit of our natural resources which currently are being exploited by foreigners.
What is even good is the fact that Zambia as a country now has a lot of educated people to effectively manage the proposed set up unlike in the past when the establishment was managed by political appointees without relevant qualifications in most cases as we just did not have sufficient numbers of educated poeple to take on these jobs .
So please my brothers and sisters this is not mere politics .
If Something failed in the past it does not mean it can not work at present and in the future of courese under differnt conditions as this have changed.
Now, on a more objective note.
Bwana minister do you or your colleagues understand that it’s lunacy or madness doing the same thing over and over expecting a different outcome? Just what is wrong with all the think tanks and economic advisers for your party or where are they? There is a lesson in making decisions on a fly. History will judge you.
MMD rushed into privatization and giving investors five year tax free incentives, which was not necessary, to stimulate private sector growth. Government lost a lot of revenue as a result. Selective privatization should have sufficed at the time just as well.
However that does not mean that we should now start adopting policies long gone. Zambia has innovative economists who can peer into these matters to better drive the country…
A short history for you young stars. A major switch in the structure of Zambia’s economy came with the Mulungushi Reforms of April 1968: the government declared its intention to acquire equity holdings (usually 51% or more) in a number of key foreign-owned firms, to be controlled by a parastatal conglomerate named the Industrial Development Corporation (INDECO). By January 1970, Zambia had acquired majority holding in the Zambian operations of the two major foreign mining corporations, the Anglo American Corporation and the Rhodesia Selection Trust (RST); the two became the Nchanga Consolidated Copper Mines (NCCM) and Roan Consolidated Mines (RCM), respectively. The Zambian government then created a new parastatal body, the Mining Development Corporation (MINDECO). The Finance and…
Now you know why Kaunda and Sata are close?UNIP IS BACK!!!INDECO is an official way of stealing public funds.There is a way to create employment than through this route and that is to empower Zambian enterprenuers.If they can target 100 000 Zambians and train them on these businesses and give them loans.Lets say each one employs 10 workers.They would create 1 million jobs!Thats a smarter way and they wont lose anything.But these PF danderheads!GOD BLESS ZAMBIA.
Countrymen and women, before we talk of reviving INDECO, how much progress has been made on reviving Zambia Airways? It seems this topic is quiet now. I am afraid if, as a country, we move ahead of our brains, we are likely to crash and crash badly.
After giving a little more details as in the above. I think it will work as long as they stick to the plan and ensure that profit is made.
I would rather agree with Pro Saasa who said thorough feasibility studies must be done dan u edu cated fools who just criticise anything.De idea was gud but mwe fibantu with yo corruption and lazyness u killed it.Was privatizetion a success?
Creating a corporation that will not generate any profit when you have failed to revive industries that could be profitable is wishful thinking and only those who were not there in the 70s and 80s will believe this crap coming from people with no idea about modern day economics. These are truly desperate times for this country.
There is no major stock exchange were one will not see a state sponsored entity or enterprise name them new York London Hong Kong even German later on the JSE. There is always a state developed company that invests where venture capitalists hedge funds,funds of funds and equity partners cannot invest purely because of the risk and returns.That is where most state sponsored companies find a nitch and often with careful managerial oversight perform well and enshrine the economy supporting value addition You can not depend on your neighbor to keep you you need to support yourself
A diversification in makeup of the players in the industries is often good for the economy…
Unfortunately under Sata it can’t happen. See how many things are going wrong with him in power right now.
Hunger has hit all the major cities.
There’s nothing worse than having sight but no vision.I can see you and Sata are in the same boat christened “delusional”
All that lucked in the former lndeco were proper management,proper leadership,transparance,accountability,sustainable innovetion and creativity.With lessons learnt from the past success is granted.Don’t just criticise simply becoz u hate someone.
inovation would have been there but not practiced due to political interference,what has changed to garantee non interferance now.well as an emergency factor only to avoid a crises indeco formula may be but for long term planning i dont think so…..
Developing and not holding thru the life cycle and disinvesting to allow private and develop others is what is important Other countries like Botswana Namibia SA and US have developed funds that support the creation of new industries because they have realized that private alone cannot take all skilled and non skilled especially in non green fields Its also a good think for long term industrial sustainability if managed well
You do not develop and operate for foreseeable but offload and add value to your investments either by going private or attracting an equity proportion maintain a stake as it well
You simply cannot depend on private led only but a mix to ensure lobust economy
@Jonathanmango Financial Analyst
If truly you are a financial analyst why are you failing to factor in the huge political risk Sata is to most businesses in Zambia today?
PF AND SATA ARE A HUGE POLITICAL RISK FOR INVESTMENT IN ZAMBIA.
Zambia a beautiful country full of resources work on marketing systems and Financial sectors to ensure completeness of harnessing in resources then wealthy creation amongst our people will be just like that.
We need not leave and develop others but I now understand why people leave when enticed we have it wrong lets avoid politics and see long-term institulising planning and policies free from politics see long-term avoiding biasness criticizing when right and praising when seen correct intention
You are ignoring one factor, all those strategies are in there in Zambia. A lot of work has been done on the systems. But as with all inexperience sustainability lies in monitoring and evaluating your systems. That stage is advanced and calls for models which are self accountable. Business Investment can be called for by governments political will, but accountability is not governments core or natural jurisdiction because of its social and citizenry responsibility( these are conflicting roles which need specialisations to handle). Let business take care of the custodianship of their wealth and no sacred cows will remain to ruin your investment.
So was this Budgeted for? Where is the funding coming from? People here are talking transparency and yet no explanation is given as regards the financing of this INDECO.
That’s the way to move from dependency to economic independence they is no way we r gonig to develop depending on investors. Maybe it will be a question of how we r going to handle it .let support the idea , its a good for the mother zambia.
the govt is too busy to start talking about indeni, though it not true govt has no business in business it has all to lose if business doesnt go on well, hence the need to monitor business activities constantly with some little interferance where they see fit to avoid unfairness.
Pay as you go! This INDECO stuff is not in the PF manifesto, just as the removal of subsidies (another major issue) is/was not. How does PF expect as to trust them to do things that are not in their manifesto when they ignore straight forward documented issues in their manifesto such facilitating people driven constitution which are well documented?
The notion that whatever was done in the past was bad is being glossly unobjective. Such kind of brains must be thrown into the bin of trash.Who says modern economy disregards every thing that was done in the past?Anyway it is gud to debate.
Iwe@ Wanzelu, you are just campaigning UPND and you seem to be a cadre for Umulema.
My friend, 99% of the comments here are against PF which means 99% are for HH. Wanzelu is just giving voice to what most of us are thinking, OK?
@dudelove
Thanx for educating this fool, @Ata. He is the kind of PF bogger who reads the blogs but understands nothing at all.
He is equally mad thats why he can not notice the madness in Sata and his PF.
First it was National Service, now another recycled idea of Indeco. Zambians when are you going to wake up from your slumber and use youthful leaders?
Keep on dreaming!!!!!!!
The idea is fantastic but my strong appeal to the govt is the evils that made those companies crumble must be avoided at all cost.With workers the ,’Niva boma’,’kufililapo ngapambale,’ ‘Ubombamwibala,’ ‘Wakoniwako,’Oppotunities for cadre’….
@Osmore
It seems you are standing on the fence right now. Come out and condemn Sata and his policies out rightly. How ever I welcome the idea that you are slowly realising that Sata and his PF are taking Zambia back to sad days in UNIP and KK era.
Now I can see you are beginning to use your brains correctly. Common mate you can do far better than that. I have every reason to think you can emancipate your self from Sata’s political enslavement.
The “niva boma” mentality is what PF is all about if you haven’t noticed up to now. And by creating INDECO they want to expand the “niva boma” ideology more wider.
Lets be honest , which promises has Sata fulfilled so far?Even the simplest of them all, LOWER MEALIMEAL PRICES he has failed dismally. So what more big projects like…
@11, Rotten Teeth:
The economy of China is dominated by State-owned enterprises (SOE). These are companies owned by the national government. The State-owned Assets Supervision and Administration Commission (SASAC) is the government body responsible for managing 117 large SOEs. Among them:
*China Aerospace Science and Technology Corporation
*Aviation Industry Corporation of China
*China Shipbuilding Industry Corporation
*China Electronics Technology Group Corporation
*China National Petroleum Corporation
*China Power Investment Corporation
*China Telecommunications Corporation
*China Mobile Communications Corporation
*Wuhan Iron and Steel (Group) Corporation
*China Shipping (Group) Company
*China Grain Reserves Corporation
*China Railway Group Limited, etc.
cont…
In addition to the enterprises directly under SASAC, the United States-China Economic and Security Review Commission in its 2012 annual
report to Congress, includes large State-owned banks and insurance companies not managed by SASAC as among the large central SOEs:
*Industrial & Commercial Bank of China ICBC
*China Life Insurance Group China Life
*China Construction Bank CCD
*Bank of China BOC
*Agriculture Bank of China
*China Taiping Insurance Group Company China Taiping
*Bank of Communications BOCOM
*China Development Bank CDB
*People’s Insurance Company of China PICC
cont…
I say all this to show you that your stating that “…boards [in these countries] are ratified by well balanced parliaments, and the said countries have strong constitutional democratic traditions which guarantee separation of powers…” does not necessarily guarantee economic success. China and Singapore are true examples of this!
Furthermore, take a country like China with its undemocratic single-party system of government, where political interference reigns supreme, and say India, with its long democratic traditions. One economy is dominated by gigantic State corporations and the other by private industry, yet both countries have moved leaps and bounds in terms development.
cont…
So what does this tell us about Democracy and economic development? Well, the basic lesson we can draw from this is that you really don’t need a “[a] well balanced parliament or strong constitutional democratic traditions” to achieve impressive economic advances.
In case we forgot, at the time most Western countries were revolutionizing their economies, very few of them depended on PRIVATE CAPITAL and INVESTMENTS alone to attain the kind of economic growth and eventually economic independence that they did. There was massive GOVERNMENT investments and controls involved—just like we are witnessing today in China.
cont…
Infect, the MARSHEL PLAN which saved Europe from economic ruin and financial collapse after WW2 was itself a massive United States government run program. I am sure a time will come for the Chinese communist government to relax its involvement in the economic life of China, the same way Western govts did, but now is not the time. Zambia can PRUDENTLY learn from this!
In short, what I am trying to say here is that we can NOT just dismiss govt’s involvement in steering and engineering economic growth in a poor economy like ours. Of course the MULTINATIONAL FINANCIAL INSTITUTIONS and Western govts want to make you think that way. But remember where they themselves where during their own industrialization!
cont…
Nonetheless, I agree with you that our problem in Africa, and Zambia in particular, has been unfettered cronyism, nepotism, political pettiness, and lack of long-term (beyond winning the next elections that is) kind of planning and focus. But if we can learn from our own past mistakes and look around and draw from other countries that have succeeded at this, INDECO can be our SASAC.
Like you, I also have some reservations about it. Especially where appointments to the board and heads of parastatals are concerned. In Zambia, it seems, the biggest enemy is the saying that says: “OLD HABITS DIE HARD!” However, I am not ready to simply dismiss the idea forthrightly.
My dear i have chinese students PhD and Post Doc. In China you can wake up in the morning i decided, they kill. Corruption is death sentence. They why that RB case is shambles.
So what is point, do not compare a monkeys and rats.
Parastals will wont work. all relatives for PF cadres will get the jobs. Have run short of what.
Let us have a public debate on TV and Radio between cons and Pros, since MPs are confused and dull.
‘Natolelefye,’ ‘Tuliboma,’ ‘fyabayama,’ ‘bamwine,’ and so on must be avoided otherwise it will be another white elephant tho mmd neiled a final neil on it in an extremely carelessly manner.Batata ekomwali.Don’t let those evils be repeated please!
The National Planning commission of Namibia appears to be doing fine in this line creating 7000 jobs and more in its Gov targeted intervention programme for employment and economicub of trade Growth Gov is actively making wavis bay a hub of trade talk of the initiatives by Epangelo mining in explorations,beluga fishing company,ohorongo cement including Namdeb that created more than 500 jobs on the orange river by investing abou 200 million nam dollars all this Gov initiative complementing were private is failing
Financing Indeco can be a levy of existing industries or mines on copper and other may be 1% plus any returns before offloading , with margin reserves managed by BOZ or other van
Is any company being run efficiently in Zambia?
ZESCO, Zambia Railways, NHA, ZAMTEL, All these are still going to Govt with a begging bowl, why?
Out through the window goes out sanity and in through the gates of hell comes Satan! It’s pay day time for the 2011 vote. Reaping what was sown! Unfortunately, it’s a bumper harvest of ignorance and utter madness.
For Tourism led it can be a 5% levy on invoices for hotel and accommodation in hotels and lodges within the sector and similarly for other in addition to other returns.
its a fallacy to talk about investment’s funds or vehicles and yet non of it is reported as being managed here in Zambia. We what to see how much of these investments in these sectors are being managed here and see any tangibleness to the sectors unlike being told investors investors Is our Financial supervisory authority able to show that growth in the management of real investments not procurements and the retention????Its important to learn that our colleagues have ring fenced value generation…
@Yambayamba,41 and other positive thinkers here, my thumbs up for u!
This is a good idea and true we need Govt participation in national develoopment. However, for this idea to work the Govt has to let competent people manage it independent of PF cadres.
No ministerial and presidential appointments to the Board so that its members can be easily removed if they dont perform.
It will be an inherent folly for SataN to chair the Board for 3 main reasons:
1. SataN has never run a successful business in his life – no room for training on the job as INDECO Chairman.
2. if the Board fails to perform, it will be impossible to remove the Board Chaired by a President. Also, if the Chair want to resigns – to who?
3. if there was a dispute, and there will be in business, who would be the abitrator without favouring the President? May be Phyllis!
Simply put, INDECO again in Zambia! Just lacks dynamism. I didn’t check for the details, but what I first thought I hear was, that, government was instituting an investigation into why INDECO MINDECO and FINDECO did not work to the expectations of Zambians.
What immediately came to mind was YES wicked! This research will bear fruit we will surely recognise in a few years time. I could see in the hypothesis, and after the findings; A change of strategy towards corporate bodies. competitive recruitment strategies as recommended by the boards obviously so as to recruit dynamic executives and front line supervisors and that line of thought!
I can imagine high quality products, competing regionally rather than tarino, kwench etc whose market was characterised by inferiority etc?
…it solidifies the question which has been asked before.. ‘..did the ruling party have any forecast and tangible agenda for development pre 2011 general elections..??’…bcos this idea is like shooting in the dark hoping to kill a buffalo just because u are in a game reserve or trying to get a ripe mango from a mango tree while blind folded..thru ukutonyatonya….
Sata has really exposed how docile we really are. This is not a joke anymore, in-fact it’s becoming a security risk because our neighbours now know how backwards our country really is. How can you come up with such a master plan when you are showing incompetence in all sectors? Those sympathising with this PF government, please come up with just one project that the PF have done successfully from start to finish? Is dictatorship really the answer to Zambia’s problems? If we really love our country the fight to get our country back should really start now.
The PF Government are clueless when it comes to what it takes to develop this country. Their nostalgia for the Kaunda era is taking this country backwards. The reason Kaunda and his UNIP Government where overwhelmingly defeated was because of the same failed economic policies his stooge Michael Sata is so keen on to religiously implement. Very soon we will hear that Sata has reopened that infamous David’s Universal Temple in State House and is bringing back those Indian Gurus to create Heaven on Earth!
More wish-wash thinking. When will this be done seeing that PF will be out of power in 2016
Maybe the concept is from Taiwan or North Korea or Sudan.i wonder why most bloggers are against the idea.Sata thought and Cabinet approved,INDECO might save him this year as he will open the Show.After this,the party is driving us backwards at a faster rate.i love it…Sata way to go.
Illusions are by their nature very sweet. Failed policies from failed politicians. They have no clue on how to run the economy. With two years to go before the next elections they are panicking. What happened to the economic Zones? They were suppost to create the much needed employment. Elo those saying this is a good idea I urge you to read your history books and also urge you to provide an example of a country where such useless economic policies have been a resounding success. There are now going to create companies where demand does not exist. Plastic jobs for their carders come 2016. This has nothing to do with developing the country just simply ensuring that people promised jobs have them and by whatever means. Socialism doesn’t work it never worked before and will not work now.
Im sure Mr Alexander Nkongole Chikwanda is more than ready to borrow a billion dollars to re- set up INDECO to benefit muchingans.
Its sometimes amazing how others have analysed our Industrial sectors bottom or top up and know exactly which sectors to invest in and have excess returns without holding a longterm view living Zambians worseoff always.You need not see why so many only invest in mines pure and construction related leaving other sectors which can add value and employment un attended to Its the objective and initiative of gov to unwind and create value from those industries to those not so attractive as start ups but yet cardinal as value to mines and construction proper with funds and invoices escrowed back to back mopping back the investments as it came in without any trickle to the local
Interesting article Given but is this the right government to undertake such a colossal task?
Jay Jay – That is not an easy question to answer not least that we are both mindful of so many failed governments in our Country! But I truly believe that Zambians have it in them (I think Zambians can be too self-deprecating).
The critical approach to this, however it is structured is that
“The Government should not hang on to these businesses for too long – only as long as is necessary to make a viable and attractive proposition to the private investors to buy into the business!”
institutionalize planning longterm and good planning as above should not die with change of governments and most not be an issue of party manifesto Its time Zambia had longterm view and policies be it in IT energy economy financial education and human resource development It should not be a five yr or ten yr period and thereafter gains recorded trashed and under the ground and again ground Zero if we have to develop.
Its about consistence from politics in national development with civil servants as key custodians of the history and the future and all succeeding Gov being reminded on the course of the country economy and growth direction carefully enshrined
@ We do need a starting point & there is nothing in History & anywhere in the world that shows that private Investment is inclined to build roads, national power grids…I agree with this point. Hence you had things like the new deal during the time of FDR in the United States where major infrastructure projects were undertaken. This did stimulate demand but only in the short run. Elo this is not what the purposes of INDECO would be. My understanding is that they are trying to create companies..ie goods and services where the demand does not exist. This as you know is just a recipe for disaster down the road. You talked about China…look at the many ghost towns there. Many apartments constructed…but nobody leaving in them. Yes they created jobs but only in the short run.
Lusaka Boy – In fact my point is that we do not have money or means to borrow money to build the infrastructure – this is true. With under 400K people in formal employment, we just not able to bring in enough money to embark on huge infrastructure programs. So we can not attract private investment & we do not have means to build infrastructures and services to international standards. Then what? We do nothing? Off course not. Enter the Marshall Plan (ERP). It worked in Europe in the past and we have China to show for in recent times. On the contrary the Chinese economy still continues to grow at over 7% and is now the Second Biggest Economy in the world. In fact pretty much every government in the world has government investments in the economy through their Investment or Sovereign funds
@ Given… I agree with you that we don’t have the resources that are required to build the infrastructure that a typical investor would need to function. We simply have no money. But as you might infer just from the past, it seems to me that the purpose of INDECO would be to create more parastatals going back to the same failed policies of the Kaunda era. You talked about the Marshall plan..indeed it helped Europe quiet a lot after the second world war. Maybe we need an African version of the same but do not think that the resurrection of INDECO is about achieving something akin to the Mashall plan. That said there are many things that GRZ could be doing to raise tax revenues. There are many people in the informal sector such as conductors and bus drivers who probably don’t pay any tax
Viva INDECO. People please don’t speak about our elders and one of them the former president KK as failures. MMD made a mess that it will take years for us to recover. MMD came in government and critised everything UNIP did. We got rid of UBZ then we have private buses whose main interest is profits and look at how many accidents there have been there since. MMD owes Zambia and president Kaunda an apology. What infrastructure did MMD build? They sold the mines and money is no where. I say we bring back UBZ and create more jobs for drivers, conductors, mechanics, admin workers and for suppliers. The global economy today is mixed economy meaning both government and private sectors are combined. We need Zambia Airways back, for goodness sake even uncle Bob next door has a national airline.
Economies
Self Sufficient Economy – an economy where individuals and households produce all the goods they require.
Centrally Planned Economy – all resource allocation decisions are decided by a
central planning authority. This central planning authority decides the type and
quantity of goods or services which will be provided, i.e. how resources will be
allocated.
Market Economy – An economy involves specialisation and the exchange of
goods and services. Effectively, a market economy allocates resources through
the decentralised decisions of many firms and households as they interact in
markets for goods and services.
Mixed Economy – the allocation of resources is partly decided by the
government and partly decided by the free market. Most of the world economies are…
Pakwe Nsokolo pa mwenzo Kumunada kumwitu Ku Mbala pa mpulungu pa Senga hill were we have educated Mbala mafias reach in resources yet area poverty stricken because of such paradigm shift in private led investments later own muyombe full of natural resources
Here in Itezhi Tezhi Choma and surrounding areas including shangombo and siaoma ngwezi passing all the way to sesheke and senanga then Livingstone these palces without Gov support and initiative who will develop industries in them given private investments outlook on risk and returnsLook at the beauty of Itezhi tezhi dam or later lake chirwa in Mbala what potential but yet not mentioning agricultural potential
Jonathan fimo fimo stop your stupid analogies, unfortunately we are making Same mistake twice first of all having a President as chairman like in Kaunda days, Sata is
Not bill gates and he doesn’t reason like you do, he has zero business know how, secondly the goverment will be killing innovation, enterpreneuship, internalize our
Economy, people of Zambia have experienced freedom and I don’t think they want to
Be forced to buy things from indeco, we already enjoying a liberised economy.
The fool does not know the meaning of Industry.
Sata will create industries, like manufacturing, trading, export, financial, construction, as if those industries do not exist now?
May be he is going to give us a surprise, he has invented something that will create a new industry (not companies but industry)
Ask Sardanis, he is still around and was the first chairman of Indeco after independence.
Yaa my thinking is that its start up and development and not indeco actively involving itself Its like creation then offloading to professional Zambians to run either in equity with indeco or similar to an MBO for better analogy similar to economic empowerment not actively involving in trade but supporting initatiation and development that is my thinking especially in non green field areas but equally of value to Zambia I was in mpulungu and mbala visiting my relation trying to share my new year reflection no industries same us here in central and southern yet value can be added reason No Investors but which investors does it mean only foreigners can.
A beautify country to leave
Stop the thinking about mining investors only and you being a procurement specialists for materials outside Zambia without developing value chains.
Only Zambians and Gov have a longterm view That is why Chief Munkanta failed left out when the Zimbabwean pullout of the Kawambwa that was left unmanned since no umbrella company to take care only sympathetic workers same as for munushi in mwense there not mentioning the salt in Kaputa and the Chiengi NchelengeDevelop these areas and have an equity partner or offload to Zambians to run similarly to our colleagues in south Africa Botswana and Namibia seemly doing fine.You simply will not be singing the song “wooing investors” often foreigner’s…
The same China enterprises and other doing roads and things come under this sort of arrangement.If you are analysis companies across Europe America and middle east its the same arrangement Private then support by a state chartered enterprise supporting development of citizens led inititiatives
To cement can a Zambian wholly owned enterprise trade and carry out the reverse investments being done by other foreign here in Zambia If not the song about investments and FDI is a fake and an icing on the cake and is not sustainable in the long-term to solidify the economy
Lets research and avoid common pitfalls , Playing monitory economics by rates flexing is not enough address…
@Given Chansa:
I have read your article @ ukzambians. Interesting and thought provoking analysis indeed! How I wish and hope we can all debate issues this way than insults and penning shallow/hollow political commentaries.
Chansa, I have learnt quite a bit just by reading your article. Thanks partner!
Paper Tigers. These kpaonyanomics think that creating 1 million job is easy. Obama has been trying in world’s first economy with 300 million consumers to create one million jobs for the last 5 years and has miserably failed.
Kaponyanomics indulging in daydreaming or scheming to rip off the treasury
Time to kick these maniacs is now.
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