should encourage the training and retraining of employees, so that they can move more easily into sectors that are expanding. but i would not stop there. there is much that we as employers can do to give our employees the opportunity to improve and develop their skills. in terms of physical infrastructure, public policies can support both public and private investment so that firms can become more productive. by infrastructure, i am referring not only to traditional projects such as roads, bridges, and pipelines, but also to assets such as the so - called " information superhighway. " having modern, reliable infrastructure in place allows businesses to invest with greater certainty, thus furthering the adjustment process. this may mean the use of private funds to develop public infrastructure projects, as i have mentioned in past speeches. and now is the time to encourage this type of investment, given our climate of low nominal interest rates, and the presence of large pension funds that are searching for these kinds of investment opportunities. the second area where governments can act has to do with policies to promote economic flexibility. governments must see to it that rules and regulations are not hindering that flexibility. in terms of labour markets, we need to recognize that supporting workers does not mean propping up factories or industries that cannot compete in the global economy. rather, it means removing barriers so that workers can make adjustments as easily and painlessly as possible. rules and regulations should not prevent workers from shifting from sector to sector, province to province, or even region to region within a province. too often, labour mobility is hindered because credentials are not recognized from one province to another. all of these barriers to labour mobility are unhelpful, not just to the economy, but to the workers themselves. the focus for policy must be how to encourage and support the mobility of our workforce. third, we need policies that allow canadian capital markets to work at peak efficiency. this will also provide business with flexibility to help them invest and expand, and so support the adjustment process. as i have said before, we need policies that do not impede efficiency in our financial institutions and markets, and at the same time encourage competition. this is crucial, not only because it allows firms to have appropriate access to capital, but also because financial services is a high value - added industry that makes a large contribution to employment and income, particularly here in montreal. those are three of the most important microeconomic policy considerations for the public sector in terms of supporting economic adjustment

michael gondwe : facilitating trade and building economies on the african continent opening remarks by dr michael gondwe, governor of the bank of zambia, at the african trade insurance agency workshop for bankers, lusaka, 10 september 2013. * * * the secretary general of comesa, h. e sindiso ngwenya ; the director general of zambia development agency, mr andrew chipwende ; the ati chief investor relations manager, mr cyprien sakubu ; the representative for zambia, mr pizzaro lukhanda ; resource persons ; distinguished invited guests ; members of the press ; ladies and gentlemen. it is my honour and privilege to be amongst you all this morning. i wish to express my appreciation to the african trade insurance agency for extending an invitation to me to deliver a keynote address on this important workshop. let me begin by commending the african trade and insurance agency ( ati ) for the important role they continue to play in facilitating trade not only in this country but in the entire region and indeed the continent at large. i am no stranger to the role that ati plays in helping to build economies in the countries that it operates as i have been a client and a supporter of ati ’ s products and services in particular in my previous life as head of the pta bank. i have seen first - hand, the impact that ati has had in many countries, including in zambia, where ati has facilitated trade and investments worth more than $ 925 million since its inception. i am further informed that ati has so far this year supported zambian companies and businesses by offering insurance cover to some very large and essential projects primarily in the energy, mining, manufacturing and agriculture sectors valued at over $ 726 million. the agency has also continued to assist many african countries by facilitating foreign direct investments with its political risk insurance that protects investors. ladies and gentlemen, the role that trade plays in the economic growth and development of a country cannot be emphasised. there are many regions and countries of the world that have been able to lift their peoples from poverty to prosperity through trade. however, although africa in general and zambia in particular has an economy which is characterized by a relatively high degree of openness, trade has not been utilized to an extent of achieving rapid and sustainable economic development necessary to eliminate poverty. this failure for trade to serve as a catalyst for sustainable economic development could be attributed in part to the nature of africa ’ s export trade which is heavily