Specifically, it should help the Government through Zambia Development Agency to understand the concerns of investors and formulate, if possible, better strategies for improving the investment climate. As we discuss this report, it is important that we put into perspective some of the reasons why it was decided that a survey of investor perceptions should be carried out. The first reason has been to do with the fact that the perceptions of investors are a good proxy for measuring the investment climate. This arises from them being actively involved in implementation and are, if you like, at the receiving end of existing investment policy. More importantly, existing investors are a country’s most important promoters of investment. Their views on the investment climate are more likely to be trusted by prospective investors than even those of the official investment promotion agencies such as Zambia Development Agency. Some prospective investors may take the view that official investment promotion agencies paint a rosy picture of the investment climate. Existing investors, on the contrary, are presumed to present factual position based on their own experience. Investor perceptions, therefore, are important because where the perceptions are positive, it can reasonably be assumed that those investors will continue to do business in future or probably even expand. Secondly, their positive perceptions can serve as a source of encouragement or comfort to potential investors who might be contemplating investing in Zambia. On the contrary, negative perceptions have the opposite effect. They may dispose existing investors to disinvest.

CGFS (2019), “Unconventional monetary policy tools: a cross-country analysis”, CGFS papers no. 63, Committee on the Global Financial System. Cœuré, B. (2018), “Monetary Policy and Climate Change”, speech at the conference “Scaling up Green Finance: The Role of Central Banks”, Berlin, 8 November 2018. Cœuré, B. (2019), “Inflation expectations and the conduct of monetary policy”, Speech, SAFE Policy Center, Frankfurt am Main, 11 July 2019 Danmarks National Bank (2019) “Climate change can have a spillover effect on financial stability”, Analysis Danmarks Nationalbank, 2 December 2019 – no. 26. Debelle, G. (2019), “Climate Change and the Economy”, speech, Public Forum hosted by the Centre for Policy Development, Sydney, 12 March 2019. Elderson, F. (2019), “Opening remarks by Frank Elderson at the NGFS Conference”, speech, Paris, 17 April 2019. Financial stability board (2017), “Recommendations of the Task Force on Climaterelated Financial Disclosures”, Final report, June 2017. Finansinspektionen (2020), “Increased transparency on carbon pricing can strengthen the financial system”, press release, 13 January 2020. Flodén, M. (2019), “Monetary policy in a changing world”, speech at Örebro University and Kommuninvest, 13 November 2019. Hassler J, P. Krusell, and C. Olovsson (2018), “The Consequences of Uncertainty: Climate Sensitivity and Economic Sensitivity to the Climate”, Annual Review of Economics, 10, pp. 189–205. Hassler J, P. Krusell, C. Olovsson, M. Reiter (2020), “On the effectiveness of climate policies”, Working paper, IIES Stockholm University. Honohan, P. (2019), “Should Monetary Policy Take Inequality and Climate Change into Account?”, Working Paper 19-18, Peterson Institute for International Economics.