The government has reiterated its resolve to attract investments that can contribute to employment and wealth creation especially for the young people.
Minister of Finance and National Planning, Situmbeko Musokotwane, says this is the only way that the government can improve the living standards of vulnerable groups in society.
Dr Musokotwane has cited the mining sector as one of the key sectors that can help improve the lives of the people and contribute to the economic growth of the country by attracting sustainable and meaningful investments.
ZANIS reports that the Minister, who is leading a Zambian delegation at the ongoing Investing in African Mining Indaba in Cape Town, said this when he graced a cocktail on the perspective of the future of mining in Zambia organised by the Zambia National Commercial Bank (ZANACO).
He stated that this is why the government has continued to unlock the potential of the mining industry to make it responsive to the needs of the local community.
“About three years ago, the mining sector was not in good shape as it had a number of challenges with some companies threatening to stop operations,” Dr Musokotwane noted.
He explained that the government has now managed to address the bottlenecks that were choking the growth of the industry through different policies and reforms that have resulted in most mining companies’ revival and increase in their production capacities.
“President Hakainde Hichilema has tasked ministers to play an active role in attracting substantial investments in all the country’s economic sectors in order to improve the lives of the Zambian people,” he noted.
And Minister of Mines and Minerals Development, Paul Kabuswe, also called for concerted efforts between government and the financial sector in addressing the challenges of artisanal mining in the country.
Mr Kabuswe explained that the government alone cannot attend to all the challenges of the artisanal miners which has led to the industry to become a breeding ground for illegal mining activities.
“The financial sector can therefore play a role by facilitating investment packages and products that are specifically tailored to attract artisanal miners and engage in formal mining activities,” Mr Kabuswe urged.
The Minister stated that the government considers the small-scale miners as key to wealth and job creation and, hence would want their contribution to the sector to be accounted for.
Meanwhile, ZANACO Bank Board Chairperson, Oliver Saasa, has urged the government to enhance local participation in the country’s mining industry.
Professor Saasa pointed out that there is a need for the government to ensure that many Zambians are given a chance to control and play an active role in the mining space.
He observed that accounting for over 70 percent of the country’s total exports and contributing significantly to the Gross Domestic Product, the mining sector continues to be a backbone of the nation’s economy and job creation hence the need to focus on encouraging local participation.
Prof Saasa further applauded the government for the positive structural reforms that it has embarked on that have helped in attracting more investments to the sector.
