LUSAKA, April 27 (Xinhua) -- Zambian on Wednesday launched a mechanism aimed at unlocking the potential of the private sector as a driver of economic development and job creation.
The Public-Private Dialogue Forum (PPDF) will act as a structured mechanism for interactions between the public and the private sector in tackling bottlenecks that have hindered the growth of the private sector.
President Hakainde Hichilema, who launched the mechanism at the Mulungushi International Conference Center in Lusaka, the country's capital, said his government was committed to ensuring transparency dialogue with the private sector in tackling bottlenecks affecting the growth of the private sector.
He said the importance of the private sector to wealth creation, job creation and economic development could not be underestimated but expressed disappointment that the potential has not been harnessed in the past.
"We now want to actualize the potential of the private sector which has been idle for many years," he said.
According to him, the public and private sectors should closely collaborate in order to ensure economic development, as other countries in the world have used the mechanism to synergize the relationship between the public and the private sector.
He expressed optimism that the future of the private sector in the country was bright because the mechanism will be used to openly tackle various bottlenecks facing the private sector and identify investment opportunities.
The president thanked the International Finance Corporation (IFC) for providing technical and financial support for the creation of the mechanism.
Senior IFC Country Manager Carlos Katsuya commended the government for launching the mechanism, adding that his organization was ready to provide its expertise on the smooth implementation of the mechanism, which has been designed to have a direct impact on economic development through business reforms that will foster growth in the private sector in order to create jobs.
A high-level steering committee will soon be instituted to spearhead its operationalization.
