The Bank of Zambia has projected an increase in Luapula’s contribution to the overall national Gross Domestic Product (GDP) due to numerous investments in the Province.
According to BOZ Director of Economics, Jonathan Chipili said Luapula has leaped from a 2.8% national GDP contribution to 3.2% as a result of the Luapula Expo of 2017.
Dr. Chipili explained that the impact of the Luapula Expo is being felt so early according to the figures by Zambia Statistics Agency availed to the Central Bank.
And speaking shortly after he visited the Sunbird Bioenergy Cassava and Kawambwa Tea projects in Kawambwa, BOZ Governor Christopher Mvunga acknowledged the efforts that the Luapula Provincial Administration was putting in which had translated into real economic development.
Mr. Mvunga said the continued support of projects with export potential will stabilize the economy.
Mr. Mvunga said the Central Bank will ensure there is financial stability for Commercial Banks and the Development Bank of Zambia (DBZ) to finance export potential projects such as Sunbird and Kawambwa Tea.
Mr. Mvunga said that initiatives that help Zambia produce more export goods should be supported for the good of the economy.
The Central Bank Governor said the government must continue to implement import substitution industrialization policies in order to solve the structural imbalance in the economy where the country is currently importing more than it is exporting.
Mr. Mvunga has since commended the Luapula Provincial Administration for holding the Luapula Expo in 2017, a move that has attracted investments in the Province.
And Luapula Province Minister Nickson Chilangwa said the economy of Zambian would be grown more from the peripherals than the center because of increased productivity.
Mr. Chilangwa, who was flanked by Permanent Secretary Charles Mushota, said the visit of Mr. Mvunga will help him make an assessment of how the Province is embarking on import substitution initiatives.
He praised Mr. Mvunga for visiting Luapula.