Press Release from Zambia Development Agency :
Tourism Investment Increases, ZDA Press Release, 23 April, 2009
Investment in tourism is quickly taking the lead with planned investment in the sector valued at U$72,820,000 representing 65% of the total planned investment in April, 2009.
The Licence Permits and Certificates (LPC) Approval Committee of the ZDA approved 25 applications with planned investment valued at U$110,397,169 from various sectors at a meeting held yesterday. Planned investment in the manufacturing sector was at 15% valued at U$16,910,000 while investment in agriculture was in the third place with U$7,631,169. The other sectors were agriculture, real estate, service, education, health, construction and transport. 1,721 jobs opportunities are expected to be created from the investment.
The increase in investment in the tourism sector is due to the promotion of the diversification programme by government and the attractive incentive package in the sector. Others in the sector are planning for the World Cup in 2011 and are anticipating an overspill from the games and an increase in the occupancy level.
The LPC Committee at the same meeting considered applications for certificates from Micro and Small Enterprises and approved 27 applications in the service, trading and manufacturing sector that represents realised investment of K1, 409.587,950 and proposed investment of K1, 474,912.395. These MSEs currently employ 143 workers and expect to create an additional 118 new job opportunities.
ZDA MSE Director, Windu Matoka says, “The sector is being recognized as the engine for growth like the Asian Tigers in the far east where they developed because of MSEs.” He notes that it is a requirement for enterprises to formalize their status with PACRO and register with the ZDA to access funds from Citizens Economic Empowerment Commission.
The MSE sector contributes to the national treasury in form of taxes, levies and other fees and is increasingly being recognized as a critical sector by banks who are designing special products for them.
Manager Communications and Public Relations