ZAMBIA'S ECONOMIC REFORMS BOOST AGRICULTURE AND EXPORTS

Speaking after visiting the Ministry of Finance and National Planning pavilion at the Zambia International Trade Fair in Ndola, Mr. Kabaghe said improved macroeconomic stability, better access to foreign exchange and recent policy reforms have created a better environment for businesses to invest and grow.

Mr. Kabaghe, who is Chairperson of United Capital Fertilizer and SEEDCO, said Zambia is making progress towards producing enough fertilizer locally. He noted that the country has been producing Compound D fertilizer for the past three years, while commercial production of urea started about two months ago.

He said local fertilizer production is reducing the country's dependence on imports, saving foreign exchange and creating new export opportunities.

Mr. Kabaghe added that fertilizer produced in Zambia is now being exported to Tanzania, Zimbabwe, Malawi, Botswana and the Democratic Republic of the Congo.

He also said Zambia has become self-sufficient in seed production and is supplying seed to several African countries.

"You cannot invest in a country where access to foreign exchange is a challenge. Due to healthy reserves, businesses are now able to import what they require, expand production, and access export markets with greater confidence and ease," Mr. Kabaghe said.

He further welcomed new agricultural marketing laws, saying they will improve commodity trading, increase transparency and allow farmers to store their produce in certified warehouses while accessing financing before selling when prices improve.

Meanwhile, Permanent Secretary for Economic Management and Investment Mulele Mulele said Government will continue working with the private sector to strengthen food security, attract investment and support economic growth.

[Brave Heart News  | UnlockingMinds]