TOURISM Council of Zambia (TCZ) chairperson Mark O’Donnell has said Zambia is currently experiencing economic boom because of the Government’s good economic management.
And the Private Sector Development Association (PSDA) has said that Zambia’s attainment of the status as one of the world’s Top 10 business reformers in the last one year is an indication the country is attractive to foreign investment.
Mr O’Donnell said in Lusaka yesterday that Government’s Private Sector Development Programme (PSDP) was now paying off.
“We know that this is an on-going reform programme and we are beginning to see results of the PSDP programme,” he said.
He said the reform programme would help boost the economy, as the private sector will easily do business in the country.
He said because of the reform programme employment opportunities would be created for Zambians hence developing the country’s economy.
“This is fantastic news, for the tourism sector, it is yet to benefit from the reforms. Otherwise economic management is extremely good and that is why we are seeing the boom in the economy,” he said.
On the central bank’s announcement that Zambia’s gross international reserves are expected to rise by the end of this year after accumulating about US$300 million from June to December, Mr O’Donnell said this would help the country become a credible trading partner.
“This is essential because it will help the country to become a credible trading partner,” he said.
On Monday, Bank of Zambia governor Caleb Fundanga announced that Zambia’s gross international reserves are expected to rise to about 4.3 months of import cover by the end of the year after accumulating about US$300 million from June to September.
Mr O’Donnell however, said Zambia still needed to do more to create more wealth for the ordinary citizens.
PSDA chairperson Yusuf Dodia said the reform programme was good for the country as this was an indication the country is attracting foreign investment.
“We recognise the ratings are from external and good for foreign investment but what are we doing domestically to encourage local investors in the economy?” he asked.
He said there is need for the Government to come up with deliberate measures to ensure that local investors also participate in the economy.
Zambia has attained the status of one of the world’s Top 10 business reformers in the last one year.
[Times of Zambia]