Africa-Press – Zambia. President Hakainde Hichilema addressed delegates at the second Public Private Dialogue Forum (PPDF) during the Private Sector Day held at Ciela Resort in Chongwe. The President emphasized the importance of collaboration between the public and private sectors for the economic development of Zambia and outlined key highlights and initiatives.
President Hichilema commended the PPDF as the primary avenue for public and private dialogue, fostering an efficient economy. He urged all sectors to support local businesses, particularly those in manufacturing, emphasizing that this is crucial for job creation and retention within Zambia. The President encouraged the exchange of ideas between established and emerging businesses, emphasizing that the knowledge of longstanding enterprises is invaluable to newer ventures.
Addressing the issue of the exchange rate, President Hichilema stressed the importance of Zambia becoming a net exporter. He shared that producing for both local consumption and export markets is essential for achieving a stable exchange rate. The President called on Zambians to contribute to this vision by producing for both local and international markets.
In a significant announcement, President Hichilema shared details of the country’s debt restructuring efforts. Before restructuring, Zambia was projected to pay US$7.5 billion over ten years. Following restructuring, this amount has been revised to US$750 million over the same period. The President also highlighted the commitment of the French President, Emmanuel Macron, to co-chair Zambian debt restructuring alongside China.
The President outlined several initiatives aimed at revitalizing various sectors of the economy. He expressed the government’s commitment to redirecting funds from wasteful expenditure to the Agriculture Credit Window, which will be managed by the private sector. Adequate financing will be created for agriculture and other sectors to stimulate growth.
President Hichilema encouraged collaboration between old and new businesses, both local and foreign. He highlighted the need for professionals from the private sector to be involved in government transactions and projects, emphasizing that foreign specialists should not be feared but engaged to contribute to the country’s development.
The President emphasized the importance of PPDF in addressing challenges and creating a conducive business environment. He assured that the government is finding lasting solutions to issues such as theft without damaging businesses post the removal of roadblocks. President Hichilema also touched upon the significance of PPDF in promoting domestic transactions, reducing foreign exchange pressure, and eliminating illegal imports that distort the Zambian economy.
The President concluded his address by directing efforts towards producing for export and implementing measures to boost foreign exchange earnings. He assured that the government will practice positive discrimination by buying local products, including Compound D fertilizer, as long as quality and pricing are satisfactory. The President also emphasized the need for all pharmaceutical procurement to be done locally henceforth.
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