FORMER Economics Association of Zambia (EAZ) president Mwilila Imakando has called on Government to plan for more multi-facility economic zones to fully exploit their economic growth potential. Mr Imakando said in an interview in Kitwe that Zambia should have more zones that would see more manufacturing and processing plants utilise the vast raw materials that the country has.
He said the zones, like the one the Chinese was setting up in Chambishi, were the answer to the economic potential that Zambia had especially that more jobs would be created for the local people.
Mr Imankando said Zambia’s economic growth potential was promising and Zambians needed to get the full benefits. The country lacked enough manufacturing industries, the multi-facility zones were the first answer to the deficiency.
Zambia’s economic growth has been projected to stand at 5.5 per cent by the end of 2010. He said the economic zone being set up between Kitwe and Chambishi was a move that would help Zambia process some of the minerals like copper into finished products unlike always exporting unfinished materials.
“The benefits of getting more of these zones are that there would be more jobs created for Zambians. That would also mean more tax for Government to collect first from the employees and from the companies. More companies would pay corporate tax and minerals royalty tax and budgetary needs would be met easier, it is a win-win situation,” he said.
Mr Imakando said the Chambishi economic zone would add value to the copper alloys that Zambia exported by turning into finished products that could be exported straight to a market and not the London Stock Exchange. He said there would be an expansion to Zambia’s infrastructure like roads and machinery which Zambia had always wanted and would reignite the manufacturing business.
[Times of Zambia]