In an interview with CDC, Felix Mutati, Zambia’s Minister of Finance, said foreign investment is integral to the inclusive growth he wants to see in the country.
Mr Mutati said that while Zambia’s economy has grown at a rate of around six per cent over the last few years, levels of poverty haven’t changed – which he puts down to an over-reliance on the mining sector.
A key part of the Minister’s solution is attracting foreign investment into sectors such as power and energy. He said,
“The answer for inclusive growth are the things we are doing with CDC – investing in agriculture with Zambeef [a large agribusiness]. But, unless we begin to get the investment that creates tax revenue, it becomes difficult to get inclusive growth.”
Agriculture and power are the two sectors Mr Mutati has identified as priorities in the economic recovery programme he announced in 2016. This is, he said, because power is ‘fundamental’ to economic development, while supporting agriculture impacts the highest number of people.
You can watch our interview using the player below.