OPENING OF PICK ‘N’ PAY CONFIRMS ZAMBIA’S INVESTMENT POTENTIAL - RB

The first ever Pick ‘n’ Pay shop, a South African chain store, has opened in Zambia with President Rupiah Banda describing the development as one that confirms the country’s continued viability to attract foreign investment despite coming out of the global economic recession recently.

President Banda said his government’s prudent economic management during the global economic recession has made Zambia to still remain an attractive investment destination.

Mr. Banda said this is because his government applied prudent measures of managing the economy just when the global economic crisis started two years ago.

He said these measures also made the country’s economic growth to decline by a much less percentage than was expected.

He was speaking in Lusaka today when he officially opened the Pick ‘n’ Pay Woodlands Store, which is the first one in the country.

“The fact that you are entering Zambia just when the world economic recession is ending is a great vote of confidence in the country as a whole because it proves to us that we are still an attractive investment destination,” he said.

President Banda said because of measures which government put to cushion the impact of the global economic recession, the country continued to register positive economic growth even in the last two financial years of the crisis.

He said the measures created a fiscal space that provided an opportunity for government to fund key areas of development such as infrastructure, agriculture and other social sectors.

He added that his government continued with efforts to strengthen Zambia’s reserves, which resulted into the country having US$2 billion today and about four months of import cover.

“This is the highest it has been in our recent past,” he said.

The President said these and other measures make Zambia a country that offers tremendous opportunities for investors that are willing to work with government on a fair and equal basis.

“We have abundant skills in this country and a disciplined and hard working population. The various economic sectors, especially the agriculture sector, offer tremendous opportunities for those foreign investors that want to work with our local producers,” he said.

Mr. Banda expressed gratitude that Pick ‘n’ Pay has kept its promise of sourcing 50 percent of its agricultural commodities and other produce from local producers within Zambia.

“But what has made me even happier is the fact that your company has opened up its Central Distribution System to producers in Zambia,” he said.

He noted that this will enable Zambian agricultural products, which are of high quality and a good price, gain access to the distribution centre, thereby finding themselves in shelves of the over 800 Pick ‘n’ Pay shops in South Africa and other countries.

He said this will provide local business people with an opportunity and a challenge to adhere to international standards.

“My government will continue to work hard to ensure that Zambian produce has access to the regional and international markets,” he stressed.

The President further reiterated that Zambia has moved from a maize deficit country to a surplus nation because of the good agricultural policies which government has implemented.

He has since urged Pick ‘n’ Pay management to treat Zambian workers well and to be good corporate citizens as it has been in South Africa.

“I urge you to look after our Zambian employees well and give them opportunities within your company, you will prosper very well in Zambia as a dedicated and happy workforce will be the backbone of your success here,” he said.

President Banda further asked Pick ‘n’ Pay to help beautify the surroundings where they are operating.

 He also explained that the opening of Pick ‘n’ Pay in Zambia has vindicated him from accusations that he engages himself in deals that do not benefit Zambians.

 The President said last year in May, he met Pick ‘n’ Pay management in South Africa where a deal for the company to start operating in Zambia was made.

 He said Pick ‘n’ Pay has created employments for a number of Zambians, which is one way of contributing towards poverty reduction.

 Earlier, Pick ‘n’ Pay Group Enterprise Director, Dallas Langman pledged to treat Zambian workers well and help to reduce poverty in the country.

 Mr. Langman said the opening of the shop in Zambia was a remarkable achievement and thanked government and other Zambians for the cooperation they rendered towards the opening of the shop.

He challenged Pick ‘n’ Pay workers to individual responsibility to provide quality services to the Zambian consumers in order for the company to succeed.

ZANIS