President Hichilema Urges Collaboration and Outlines Key Initiatives at PPDF
During Private Sector Day at the Ciela Resort in Chongwe President Haikande Hichilema addressed delegates at the second Public Private Dialogue Forum (PPDF), emphasising the value of collaboration between both private and public sectors for Zambia’s economic growth and revealing key initiatives.
The President praised the PPDF for fostering a prosperous economy by encouraging a dialogue between the public and private sectors. He urged others to support local businesses, particularly in manufacturing, since this is crucial for both job creation and retention across Zambia.
President Hichilema further strove to incentivise a theoretical exchange in ideas between long established businesses with emerging enterprises, on the grounds that this knowledge can be invaluable for new businesses.
Regarding exchange rates, the President outlined the importance of Zambia becoming a net exporter: producing for local as well as export markets is essential for reaching a more stable exchange rate. President Hichilema equally called on Zambians to support this vision through contribution to both local and international markets.
In the same address, the President also revealed details of Zambia’s debt restructuring efforts: before restructuring, Zambia had $7.5 billion outstanding debt to pay over a period of ten years, however, after restructuring, this has been revised to $750 million over the same time period. President Hichilema additionally underlined the commitment of the French President, Emmanuel Macron, to co-chair Zambia’s debt restructuring process alongside China.
President Hichilema then expressed several initiatives directed towards revitalising certain economic sectors. He declared the government’s commitment to redirecting funds from wasteful expenditure to the Agriculture Credit Window (ACW – to be managed by the private sector). Furthermore, the President stated that suitable financing will be handled for stimulating growth in agriculture as well as other sectors, whilst he underscored the need for professionals from the private sector to be involved in government projects and emphasised that foreign specialists should not be feared but engaged with in order to accelerate Zambia’s development.
On the importance of PPDF, the President said that it allows challenges to be addressed and creates a conducive business environment. He also guaranteed that the government is finding lasting solutions to issues like theft without damaging businesses, post the removal of roadblocks, and touched upon the PPDF’s significance in promoting domestic transactions, reducing foreign exchange pressure, and eliminating illegal imports that distort the Zambian economy.
President Hichilema then rounded off his address by directing efforts towards increasing export production and implementing measures designed to boost foreign exchange profit. On the same note, he also assured that the government intends to practice positive discrimination through buying local products, including Compound D fertilizer, provided quality and pricing are right. Finally, he clarified the need for pharmaceutical procurements to be localised hereon.