SHARPENING YOUTH SKILLS IS IMPERATIVE FOR SUSTAINABLE PARTNERSHIPS

For Immediate Press Release I 12^th March 2021

The Zambia Tax Platform (ZTP) would like to join the rest of the country to commemorate this year’s youth day under the theme Enhancing National Development through sustainable youth partnerships. Youths are recognized world over for their efforts and vital role that they play towards national development. Their contribution to renew and refresh the current status of our society including leadership, innovations and skills are necessary in advancing the levels of education, technology, politics, and peace of the country.

ZTP notes that the youth in Zambia continue to face numerous challenges including unemployment which remains high at over 17 percent for the youth. ZTP also notes that the number of kids on the Zambian streets who are unable to attain an education is high. This has a potential to elevate long term inequality. There is need to carefully look into these plights of the youth if as a nation we are to appreciate the efforts and enhance youth contribution towards national development.

ZTP therefore would like to call upon Government to look into the challenges that the youth in the country are facing. There is also need to broaden the set of skills that youths have for their effective participation in economic activities. We also wish to encourage the senior citizens to support the youth and adopt a culture of transferring knowledge and wisdom to the youth. To the youth, it is our hope that you continue to work hard despite the economic challenges that are currently prevailing. The country needs your skills and through collaborative efforts, we can all contribute towards economic growth and national development.

To our leaders, develop sustainable youth partnerships by investing more in developing youth skills that create opportunities to engage in entrepreneurship, climate action and peace, justice and strong institutions. From ZTP, happy youth day.

Issued by:

IBRAHIM KAMARA (MR)

COORDINATOR

ZAMBIA TAX PLATFORM

Editor’s Note

The Zambia Tax Platform (ZTP) is a multi-stakeholder group that provides critical analysis of Zambia’s tax policy and administration and promotes sustained advocacy on improving public finance management in the country by providing well researched solutions and alternative policies that will enhance fiscal justice and efficient use of public resources. ZTP carries its work in a simplified way that enables participation from various stakeholders. It is inclusive of a wide variety of voices with links to national, regional, and international research and civil society networks. ZTP is housed at Centre for Trade policy and development which serves as the secretariat to the platform.

by Matthews Lungu
on March 12, 2021

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IMPROVING FOREIGN DIRECT INVESTMENT FOR SUSTAINABLE ECONOMIC DEVELOPMENT IN ZAMBIAZambia, like many African countries, seeks to attract Foreign Direct Investments (FDI) to stimulate economic growth, create jobs, and reduce poverty. The past five years have seen an upward trend in FDI inflows, but this trend has been erratic, with significant fluctuations in investment levels. In 2020, the country recorded its highest FDI value at US$ 5.84 billion, while in 2019, FDI values were at their lowest at US$ 0.49 billion but rebounded in 2022 to US$5.24 billion (Zambia Development Agency).Notwithstanding the fluctuating pattern of FDI inflows in the previous five years, the government acknowledges the importance of FDI and has been implementing policies aimed at improving the investment climate in the country. In pursuit of this objective, the enactment of the Investment, Trade and Business Development Act No. 18 of 2022 aims to enhance market access and promote investor participation. Additionally, economic reforms such as the stabilization of the power utility (ZESCO) and agricultural input subsidy reforms are anticipated to stimulate industrial output and boost productivity.In terms of FDI distribution, the energy sector has consistently attracted the highest FDI inflows since 2018, followed by manufacturing, which experienced a sharp decline in 2021 due to the COVID-19 induced global downturn. The mining sector has had fluctuating FDI, but it experienced a significant increase in 2022 due to higher copper prices and further investments from existing mining companies. However, the transport sector has experienced the lowest FDI inflows, although it holds potential for growth through infrastructure development and logistics. Finally, in the period under review, the agriculture sector has consistently received FDI and offers significant potential for impact investment in sustainable farming, value addition, and supply chain development (ZIICS 2022).Private Equity Funds (PEF) represent the single most significant investor type in Zambia, followed by Development Finance Institutions (DFIs). Other investor types include Venture Capitalists (VCs), Foundations, and Investment Banks. The majority of investors are from Europe and the rest of Africa, suggesting that these funds are not 'Zambia only' funds. They have interests in other countries within Africa, and Zambia must compete for a share of the available capital. Overwhelmingly, 75% of investors source their funding from Europe.Nevertheless, Zambia has endeavored to establish a stable economic climate through impact investments, aiming to enhance access to clean energy and implement policies that foster gender equality. The country has also introduced initiatives to bolster climate resilience. Despite these efforts, obstacles persist, including substantial informal sector employment, inadequate coverage of social protection programs, gender-based violence, and susceptibility to climate change. Additional investments in healthcare, social security, and economic recovery are imperative to advance sustainable development and alleviate poverty in Zambia.In conclusion, Zambia has made some progress in attracting FDI, but more needs to be done to make the country more attractive to investors. Alongside the promotion of a conducive business climate through consistent incentives and policy frameworks, blended finance which strategically combines public and private financing, can be leveraged as a useful tool in increasing FDI in Zambia to support sustainable development projects that can further drive economic growth and job creation. With a robust ecosystem, blended finance can also play a critical role in supporting local businesses in Zambia by providing access to finance, technical assistance, and market linkages to help small and medium-sized enterprises (SMEs) grow and become more competitive. ByEllen MakinishiPrivate Sector Enhancement (PSE) Specialist Zambia Tax Platform- ZTPEmail: pse@zambiataxplatform.comWebsite: www.zambiataxplatform.comAddress: Plot 3823 Manda Hill Road, Olympia, Lusaka, Zambia. ...

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