Republican Vice President Guy Scott says the future of Zambia should not only depend on the Mining and Energy Sectors for development. Dr Scott called on the investors to consider diversifying from complete dependence on copper to other sectors.
Speaking during the opening of the 4th Zambia International Mining and Energy Conference and Exhibition, Dr. Scot said Mining alone should not be taken as key driver of the country’s economy but other sectors should also be put into consideration.
The two-day conference and exhibition has attracted more than 300 participants with over 40 exhibitors from different countries.Dr Scott said the mining sector should make a fair judgment and employ some of the people that were on the labour market as a lot of Zambians did not have jobs.
The Vice President also said the depreciation of the Zambian Kwacha is mostly driven by “portfolio Investors” that decide the price of the country’s natural commodity.He said Zambia’s currency has recently experienced some instability due to some portfolio Investors that influence copper prices.
Mines Minister Christopher Yaluma said he is hopeful that in the next two years Zambia will have 1.5 Million tones of minerals sent on the market for sale.
Meanwhile, Chambe of Mines President Emmanuel Mutati said the Chamber is happy to have recorded 25 per cent tax contribution to government.
I have said it before and want to state here again that YES! We should not only rely on Copper production for our survival. PF government should immediately engage all the un-employed in the country, all Kaponyas, mishanga and Salaula sellers etc., to start digging a massive Canal from the Zambezi River through Lusaka to the Indian Ocean via Mozambique.
Mind you, trillions of litres of water have been flowing endless from our many Rivers to the Indian Ocean for centuries. What a waste of fresh water really yet, water is life as they say…
Yes I know that it will take years to complete and that’s precisely what happened both the Suez and Panama canals to mention but a few. Everybody will be employed one way or the other by venturing into such a huge project….
…Ships upon ships would be bringing in cargo from everywhere right to our door steps and, we will also export all our farm produce including Copper through the same. River transport, fishing expeditions, Hotels/Motels/Resorts along the Canal will create even more employment hence more income for GRZ coffers.
A maize belt could also spring up including other crops through irrigation schemes on both side and along the Canal.
Mkuti Bwanji ma Guys?
In your model I hope you have factored in sedimentation and the cost of dredging, and before you get that far, the corridor of your proposed canal cuts across a few sovereign nations, what bilateral agreements will be in place firstly to allow you divert the waters down stream and then agree the route of the canal. Its slightly easier if you have complete jurisdiction over the land mass that the canal will be constructed.
Yes other sectors of the economy should be developed but copper should still remain our comparative advantage since very few countries have it.
Each successive administration says the same thing over and over.
The moment there is a fat man on the scheme (see the photo above) hope of success of any project becomes a remote prospect. Our Republican President does not like fat people and this has almost killed this well-meant venture even before it starts.
And Indian investor did come Mr Veep right?
Good and responsible thought which can not be over-emphasized. We all know what he is talking about even though some some will pretend they don’t.
Blimey, there is real wealth in Zambia’s colossal landmass, rivers and wild natural habitat – it only takes God-given wisdom, will power and determination to harness it. There was a time when didn’t quite quite grasp how the westerners were getting to their riches but now we know better because we live amongst them. What they have done without raw materials, we can we do 10 times better with our own resources. They have reached a state of satturation while we are yet hungry for development.
” Dr Scott said the mining sector should make a fair judgment and employ some of the people that were on the labour market as a lot of Zambians did not have jobs. ”
Wrong. Mining isn’t there to ‘provide jobs’, it is there to fund economic diversification – it is there to pay lots of taxes or be state owned.
Only 40,000 people are employed in mining, when Zambia has a labour force of 5.8 million (5,800,000). That means that 0.69% of the Zambian labour force is employed in mining. Mining is not a major job creator. So when anyone says ‘they will bring jobs’, while ignoring that they are taking billions of dollars out of the economy, is insulting.
” Dr Scott called on the investors to consider diversifying from complete dependence on copper to other sectors. ”
Oh, so this economic diversifiction should be ‘market led’. How neoliberal.
No, it is to the state to take the initiative.
Get all the taxes that are due, and invest them in the economy, instead of these billion dollar bonds.
Use those billions of dollars in taxes as leverage, to start lending out kwachas by the tens of billions, for local entrepreneurs, for import substitution of goods, for a greater infrastructure for farmers and the food sector, for strategic infrastructure like flood protection.
You’re in power now – time to take action.
you are right MrK, Scott instead of cheap talk is supposed to be formulating policies and providing means for people to diversify, give incentives for people to diversify
I AGREE WITH SOAP OPERA.
WE ARE JUST GOOD AT TALKING.
PLEASE COME UP WITH A VISIBLE ROAD MAP.
SHOW THE STARTING POINT, RESOURCES REQUIRED ,WHERE IT WILL COME FROM, WHAT WE WILL GENERATE, AND WHERE WE WILL BE 10 YRS FROM NOW.