PRESIDENT Edgar Lungu has directed the Industrial Development Corporation (IDC) to immediately review and reconstitute all Boards of its subsidiary companies to realign them with the industrialisation and job creation agenda.
Mr Lungu who is also chairman of the IDC said the boards of all subsidiaries should be aligned in line with job creation agenda as set out in the ruling Patriotic Front’s manifesto.
This is contained in a statement release to the media today by his Special Assistant to the President for Press and Public Relations, Amos Chanda. This was after the meeting held at state House today.
Earlier, the President met Treasury and Central Bank Officials at State House to discuss the state of the Zambian economy focusing on stabilisation of the kwacha, maize marketing, energy security and options for economic diversification.
Those who attended the meeting include Finance Minister Alexander Chikwanda, Secretary to the Treasury Fredson Yamba, Deputy Finance Minister Christopher Mvunga, Bank of Zambia Governor Danny Kalyalya, Deputy BOZ Governor Dr. Bwalya Ngandu and two senior economists. State House Officials who included Special Assistant to the President (Press and Public Relations) Amos Chanda, Special Assistant to the President (Economic) and Special Assistant to the President (Policy Implementation and Monitoring were also in attendance.
Below is the full statement
PRESIDENT LUNGU ON THE IDC’S INDUSTRIALIZATION AND JOB CREATION
LUSAKA, (Thursday, September 10, 2015)–Following the Industrial Development Corporation (IDC)’s assumption of shares of state-�?owned companies, His Excellency, Mr Edgar Chagwa Lungu, President of the Republic of Zambia has directed IDC to immediately review and reconstitute all the Boards of its subsidiary companies to realign them with the industrialisation and job creation agenda as set out in the ruling party’s manifesto.
The President, who is the IDC Board Chairperson, says the key objectives of the IDC as approved by the Board Meeting held today (10 th September 2015) are as follows:
1. To improve and realize value of Government investments in state-Â??owned enterprises (SOEs) through improved management and strategic orientation;
2. To undertake industrialization and diversification of the economy including rural development through creation of new industries;
3. To partner with private enterprises with high growth potential thereby creating opportunities and capacity development;
4. To mitigate the financial burden of supporting SOEs away from the treasury through improved viability and sustainability;
5. To contribute towards accelerating job and wealth creation, alleviation of poverty among the people and economic growth by investment in areas and sectors where the private sector may have challenges;
6. To promote the participation of women and youths in viable green projects through strategic partnership and projects.
The Head of State says the IDC must engage its subsidiaries to align their strategic thrust and direction to Government’s Industrialization and Job Creation Agenda, monitor conformance and performance in pursuance of growth, profitability, and sustainability. This will be in addition to the need to promote sound corporate governance.
Accordingly the IDC will immediately review and reconstitute the Boards of its subsidiary companies. The IDC’s priorities and interventions will target sectors that have a comparative advantage and in which labour intensive activities can be most effectively used to expand output. The IDC Board has prioritized its interventions in the four growth sectors: Agriculture, Infrastructure, Manufacturing and Tourism.
Following the share transfer, all line ministries will now focus on policy making thereby giving IDC direct mandate and authorization on behalf of GRZ to oversee performance and accountability of these SOEs.
IDC’s oversights responsibilities include all aspects of governance, commercial, financing, operational and all matters incidental to the interests of the State as shareholder.
The Corporation is a tool to enhance domestic capital formation, wealth creation and preservation by focusing on exploiting our country’s advantages in natural resources and actively developing industries and enterprises to create jobs.
Issued by:
Amos Chanda
SPECIAL ASSISTANT TO THE PRESIDENT
(PRESS AND PUBLIC RELATIONS)
STATE HOUSE
Well said Sir.
An Harvard MBA degree holder could not have been more thoughtful.
This, plus your ultimatum to the mines,…..PROVES THAT THE HONEYMOON IS OVER!
GRZ means business.
Just a thought… How does the market view a ‘Chairman’ who is currently presiding over the worst performing currency in the world. Positive (green) or negative (red)?
No need for excitement. This so called Board realignments is a euphemism for JOBS FOR CADRES, RELATIVES & RB’s HENCHMEN. the same names such as mwanakatwes, Kaingus , Mvungas and their in-laws will fill these positions and tow the re-election/donations to the ruling party dogma.They will actually run viable companies to the ground like they have just done to Lapgreen’s Zamtel,
It’s the Zambian way of wastage resources & opportunities for political expediency whilst putting up appearances to the stupid & gullible!
I don’t understand myself why I don’t like Amos Chanda. No idea… but worse than I did to George Chella.
Great job Mr. President … it is time to focus on rebuilding the Zambian Enterprise for our smart people. We at Microplus Capital, LLC would like to redirect a lot of our resources into the development of various sectors and we are willing to partner with IDC as a major funding source.
Finally, we have a President who fully understands what we have been talking about for the last 18 years. Kudos to you, Mr. President … thanks a trillion.
Dear Mr President, you have quasi-govt companies failing to perform under your existing one and now you are preparing for more jobs for cadres? Really look at ZAMTEL, ZESCO and others all these are projects in failure (PF) and you still want to invest this line of business? Please sir and your advisers serve this nation properly.
NEW PARASTATAL BOARDS? Try ZAMBIANS in the diaspora if you’re serious about professionalism and profitability in these SOEs… We are here, capable, ready and willing!!!!!
Three of the four people that left State house in those photos are very necessary. Bank of Zambia Governor Danny Kalyalya (L), Deputy BOZ Governor Dr. Bwalya Ngandu (behind) and Deputy Finance Minister Christopher Mvunga. If these With Mvunga being Finance minister were in charge. Zambia would be having a soaring skyward economy.
We have had no power in Kabangwe today from 7 in the morning to now almost 19hrs. That is a 12hour outage with no explanation from anybody. Maybe it is heroes stadium phase 2. If this is load shedding, then it is too much. We are still waiting for power from 7 in the morning going to 19 hrs now
@ clement,how come your e mail indicator shows you are not in Zambia but writing about kabangwe? A you paid by Unip or sorry upnd? Zambians are peace loving by nature so hands off.just enjoy you freemanson money 2016 ni ba lungu nafutinafuti
@Ken G
Can I call you damn damn for your ignorance.
Picturing ED rolling his sleeves up and saying to himself, “I can do this.”
Go Superman go!
That was taxing. Time for gin n juice and a quick nap during my next (dis)appointment…
It’s hard work. Some of those companies need to be offloaded. No electricity pun intended. I might have just lied…
Wow! Wonderful move. i m sure those who calls you vision less leader are so ashamed. Very positive move especially that line Minster will play a little and leave room for experts to roll development in these sectors. In short you want to see those industries runs profitably with less political interferences .
Um. He called himself vision less… does he count coz he wasn’t ashamed to run for Prez without a vision…
Really how is this a big solution other than just being another vision less show
After SEVEN months of foreign travel and hangovers, and no power at the disaster stadium, maybe Jamesoni has woken up??
So does he think this is the answer to paying back the $ 7 BILLION in kaloba?
And creating 500,000 new jobs?
Zambia is in deeper trouble than that. Time for serious leadership was in 2011. Lungu has MISSED THE BOAT!
The bum has found solution for the lose-making companies…pump more money in them with borrowed money!!
*…loss-making companies..
As long as those boards are not filled with the likes of Frank bwalya, well done Ediga.
Who do think will fill them?
Filled with id10ts and poor cadres wanting a quick buck with less input.
100 years rule of Pufu , a title deed is 99 years. How old is mr Chama, How old is the PF crit SG to go 100 years.
Insanity: doing the same thing over and over again and expecting different results!!
Gentlemen, let us give credit where it is due. The President is giving us massive direction here. Thank you Mr President for the wisdom and intelligence. I can see light at the end of the tunnel. Countrymen, let us give presido the much needed support, INDECO failed because of the ill qualified personnel who were mainly trained in the eastern block and form 3S who were heading ZCBC and NIECOs. Now we have a lot of MBAs and other good qualifications on the street. I believe this is going to be a success story.
From how ZAMTEL and ZESCO look, not inspiring at all.
So why is it that a company like ZAMTEL in a profitable sector like telecoms is lamentably failing to even make 1 kwacha profit?
Zambians, wat is there to praise lungu about, he will fill the boards with cadres and relatives just like he had done with DCs. He is no different from RB no wonder Henry banda can boost that his back in business. Lungu is more concerned about re-election dats why he is all over the show to market himself. He has no clue how to solve the high cost of living but can waste time to discuss independence celebrations in a cabinet meeting. Is this a serious cabinet, or another way to steal money for their campaigns
Critics,
Continue with your criticism…. as this one should be Technically constructive. The more you criticise, the more the President will read prove it and do amends. The economic issues are difficult when being dealt with politicially. This one is a giant step into profitability of the state owned establishments including the government departments. All government departments should have TARGETS also. The targets should be measurable so that achievements can be evaluated. Missions and Visions for each department should be spelt out clearly so that targets and achievements can be measured. Targets are easily measured than just the promises in the manifestoes. I suggest the criticism continues to be constructive. Our President means well for the country Zambia. May he continue to show…
May he continue to show the vision the late Sata left him, and that he promised to uphold and deliver. No more 90days promices
A good decision which should help the nation if handled professionally. Will comment further after seeing caliber of people who will be selected to run these companies. I will count the chicks when they hatch.
The PF government under the leadership of President Lungu continues to enjoy nation-wide support as evidenced by its victories in the January 20, 2015 presidential elections and seven parliamentary by-elections held in several constituencies around the country since President Lungu ascended to office.
Lungu is becoming ill more than he was wen he collapsed.How come he want to turn this country into dictatorship that’s useless leadership.let him be taken for second treatment.