. CHIKWANDA

By NAKUBIANA MUMBUNA –

ACTING President Alexander Chikwanda has charged that politically motivated and armchair criticism on the formation of the Industrial Development Corporation will not help in enhancing the welfare of the Zambian people.
Mr Chikwanda, who is  Finance Minister, said the Government was encouraging all citizens to discuss how past mistakes could be avoided and put forward thoughts on how to model the IDC.
“Politically motivated and armchair criticism on the formation of the IDC does not advance the cause and objective of enhanced welfare for all our people,” he said.
Mr Chikwanda said the Government opted to create IDC this time when Zambian participation in business was low.
The minister, however, said the Government would continue to encourage Zambians to venture into business activities.
“The Government will, however, continue to encourage Zambians to set up businesses but it is during this period when Zambian participation in business is low that it opted to fill the gap by setting up the IDC,” Mr Chikwanda said.
Speaking at the inauguration of the new Madison General Insurance headquarters in Lusaka, Mr Chikwanda called on the private sector to play its role in the development of the national economy.
He said the private sector must ultimately drive development and create the much-needed jobs.
“The private sector companies must necessarily be forward- looking and strive to grow the country’s economy,” Mr Chikwanda said.
“It is against this that Government will continue to emphasise on the need for the private sector to shape up, move on centre stage and play its role in the development of the economy.”
Mr Chikwanda paid tribute to the LSA Group of Companies for the role it was playing in the development of the national economy.
Companies in the LSA group include Madison General Insurance Company Zambia (MGen) and MGen Tanzania Insurance Company Limited.
LSA Ggroup executive chairperson Lawrence Sikutwa said the group would remain focused on growth in various sectors of the economy and create quality employment for Zambians.
MGen managing director Chabala Lumbwe said despite the challenging economic environment and intense competition, the firm had continued to grow, achieving premium income of more than K240 million as at December 31, 2013.
MGen Board chairperson Robin Miller said the board was committed to ensuring that business at MGen was conducted in accordance with the highest possible business and corporate governance practices.