The growth of this sector is expected to be further bolstered by the establishment of the Multi-Facility Economic Zones in Lusaka and Chambishi to further diversify the economy and promote trade, stimulate export activities, technology, skills transfer and job creation. In pursuing an export-led growth strategy, the economic zones would actively promote value addition in identified specific products, such as, copper, vegetables, tobacco, gemstones, cotton yarn, leather products, sugar and oil cakes, of which the country has a competitive advantage. For instance, there has been a large increase in tobacco production, which has led to increased export earnings. Unfortunately, much of the tobacco is exported in a raw form with very little treatment or processing in the country. Significant investments in plant and machinery for value-addition will therefore be needed to offset this scenario. Thus, with expected large investments in Economic Zones and Export Fund facilities like the one we are witnessing today, Zambia’s competitiveness through value addition is expected to improve. Mr President let me also commend all the institutions involved in the two syndicated loans. It is gratifying to note that these facilities have been made possible due to the partnerships between the local financial institutions and international ones. I commend such partnerships and challenge other local institutions to enter into similar arrangements to reduce the cost of borrowing and promote growth in Zambia. Congratulations should be extended to the Zambia National Commercial Bank, ALS Capital and Calag Capital, AFREXIM, PTA Bank and Loita Capital to name but a few for the initiative.

Muhammad bin Ibrahim: Scaling up excellence – creating opportunities while mitigating risks Keynote address by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia, at the Regional Conference on Money Services Business “Scaling up excellence – creating opportunities while mitigating risks”, Kuala Lumpur, 19 May 2014. *  *  *  I’m glad to be here with you today to join Mr Mathew A. Verghis in welcoming you to this regional conference on money services business. On behalf of Bank Negara Malaysia, I would like to thank the World Bank, the Malaysian Association of Money Services Business, and the International Association of Money Transfer Networks who partnered with us in organising this event. This conference aims to bring together regulators and industry players to review developments in the money services business industry at a time when there are significant changes occurring in the financial industry. In many countries, money services business plays an important role in complementing banking institutions to provide financial services to the community, in particular, the unbanked and small business communities. Given the forces of change that are reshaping the financial industry, it is timely to consider how these forces impacted the expectations, opportunities and challenges for money services businesses. The money services business industry contribute to an important purpose in our communities. They provide financial services to segments of society in both the developing and developed world that do not have access to basic banking facilities and services.