Finance Minister Dr. Bwalya Ng’andu has implored the Industrial Development Corporation (IDC) to continue to seek innovative ways in which to leverage the domestic capital markets to anchor the transformation interventions of public enterprises under its supervision.
The Finance Minister said this in Lusaka on Wednesday during the listing of Zambia Forestry and Forest Industries Corporation (ZAFFICO) on Lusaka Securities Exchange (LuSE).
Dr. Ng’andu also said the Government will continue to provide a conducive business environment.
Dr. Ng’andu categorically stated that the listing of ZAFFICO represents a key statement of intent by the Government through the IDC, of the expectations regarding the transformation of public enterprises into better capitalised, more competitive and well governed business undertakings.
“The listing of ZAFFICO signifies Government’s focus on making State Owned Enterprises effective conduits of economic growth through the diversification of the shareholder base by allowing wider public participation, greater transparency and enhanced accountability,” he said.
“I am indeed elated at this development of the listing of ZAFFICO as it has contributed to the supply of stock to the Lusaka Securities Exchange (LuSE) and presents an opportunity for domestic retail and institutional investors to diversify their portfolios. I recognise the importance of LuSE in driving domestic mobilisation of savings which complement Government efforts in channelling resources to productive sectors of the economy.”
He added that he was equally pleased, that the listing of ZAFFICO has enabled the Corporation to mobilise significant financial resources that are earmarked for value addition as well as the acceleration of a nationwide plantation programme which will support the creation of employment opportunities for over 20,000 Zambians over the next five years.
“This will support rural development and stimulate ancillary economic activities. Furthermore, the acceleration of a nationwide plantation programme will play an important part in mitigating the effects of climate change and thereby complement other interventions.
Distinguished Guests, Ladies and Gentlemen,
Let me congratulate the Industrial Development Corporation (IDC) for this important milestone in its transformation agenda of State Owned Enterprises. From a contentious idea when it was mooted in 2014, the IDC under the Chairmanship of His Excellency the President, has continued to grow from strength to strength to become the embodiment of the Government’s economic transformation agenda,” he said.
Dr. Ng’andu stated that this is an achievement for Government as a whole and an achievement for Zambians.