That action alone may serve as the most eloquent statement that all is not well with the investment climate in the country thus risking existing investment and keeping at bay prospective investment. The general findings of the report fortunately are positive. Political stability and governance, economic and regulatory reforms some of which have led to improvements in the business environment, macroeconomic gains reflected in robust GDP growth, low inflation, reduction in budget deficits and relatively stable exchange rate are some of the elements making up the improved investment climate. In contrast to past perceptions which focused on the  BIS central bankers’ speeches  1  volatility of the investment climate, high levels of poverty, absence of institutional governance coupled with corruption, the report paints a changed picture. Investors are seeing Zambia as offering a stable and predictable environment with an elected government and functional democracy. It is this positive environment which is seen as explaining why Zambia remained resilient through the financial crisis of 2009 and enabled the country to rebound strongly in 2010. It is noted in the report that foreign private capital inflows into Zambia posted a strong recovery to over US $ billion from a slump of below US $ billion recorded in 2009. But as we review this report, it is important not to gloss over some of the challenges that must be addressed in order to consolidate this positive environment.
The Zambia Development Agency will incorporate the recommendations submitted from this exercise into its policy recommendations on how to improve the investment climate in the country. With these few remarks, I wish you good deliberations. I thank you…  2  BIS central bankers’ speeches