As the business landscape constantly changes, it’s crucial to stay up-to-date with the latest news and trends that can affect your business decisions. In this article, we’re going to cover the top 5 business news in Zambia that you should know.
1. Zambia’s Economy on the Rise
Despite the challenges of COVID-19, Zambia’s economy is showing significant growth. According to the International Monetary Fund (IMF), the country’s economy is projected to grow by 1.8% in 2021 and 2.6% in 2022. The IMF also praised Zambia for its commitment to reforms and its efforts to manage public debt.
2. Zambia’s Commitment to Clean Energy
In June 2021, Zambia launched its first-ever solar plant that will provide electricity to over 10,000 households. This move is part of the country’s commitment to clean energy and its efforts to reduce its carbon footprint. The solar plant will not only provide clean energy but also create jobs and boost economic growth.
3. Zambia’s Investment in Infrastructure
Zambia’s government recently announced plans to invest $50 million in the development of water and sanitation infrastructure in Lusaka. This move is aimed at improving access to clean water and sanitation facilities for residents in the capital city. The investment will also create job opportunities and boost economic growth.
4. Zambia’s Tax Reforms
In May 2021, Zambia announced tax reforms aimed at boosting revenue collection and promoting business growth. The reforms include the introduction of an electronic fiscal device (EFD) system, which will help to curb tax evasion and facilitate tax collection. The government also reduced the corporate income tax rate from 35% to 30% to encourage investment and promote economic growth.
5. Zambia’s Push for Economic Diversification
Zambia’s government has been pushing for economic diversification away from the reliance on the mining sector. In June 2021, the government launched the Zambia Multi-Sectoral Investment Conference aimed at promoting investment in sectors such as agriculture, tourism, and manufacturing. The conference attracted international investors keen on investing in Zambia’s non-mining sectors.
In conclusion, keeping tabs on business news is crucial for making informed decisions. Zambia’s significant economic growth, investment in infrastructure, commitment to clean energy, tax reforms, and efforts towards economic diversification are some of the top business news you should be aware of. As a business owner or investor, it’s essential to stay informed of such developments for the growth and success of your business.
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