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Sunday, February 9, 2025
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Government Focused on Attracting New Investments to Increase Revenue & Grow Economy – Musokotwane

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The government has prioritized attracting new local and foreign investments into other sectors, alternative to mining and agriculture, to compliment the key contributing sectors to the country’s revenue and tax base, Finance and National Planning Minister Dr. Situmbeko Musokotwane has said.

Zambia’s main economic growth drivers, mining and agriculture are under stress from drawn-out and still unresolved issues in mining leading to depressed production, while the El Nino-induced drought that swept through Southern Africa has devasted agriculture this year.

According to Musokotwane, the government has turned to providing a favorable environment for increased foreign direct investment (FDI) to complement local investments in other key sectors to stabilize the economy.

“The good news is that this government has been focused on attracting new investment into the country, whether by local people or foreigners,” the minister said.

He enthused that the country’s economy would be greatly boosted by the incoming new investments.

“Through the increase in investment, businesses are going to thrive, more taxes are going to be paid, and it is just a pity that this year we’ve had this drought. Our focus is to make sure that we attract all these investments, new businesses setting up in the country because as new businesses set up, more people will be employed and more taxes will be paid.”

Meanwhile, Musokotwane has allayed fears against increased FDI, positing that rather, more FDI would put Zambia at a much greater advantage.

“Don’t even be scared of foreign investors. In actual fact, when you look around the world, countries that have never been afraid of foreign direct investments are the countries that have made more progress than those that have shunned away from foreign direct investment. It is to the benefit of the country because when investment comes, it actually permeates to the rest of the economy,” he said.

The minister was speaking on Sunday when he featured on the popular local television program, COSTA, which airs on Diamond TV.

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