Industrial Development Corporation
The Industrial Development Corporation of Zambia Ltd. (INDECO) was established to build the Northern Rhodesia’s industry sector, which at the time was not doing as well as that of neighbouring Southern Rhodesia (now Zimbabwe).
With only limited success, INDECO vacillated between state and private control. It finally re-emerged as a state-owned company in August 1964. That momentous event, on October 24, brought to power nationalist leader Kenneth D. Kaunda. Facing enormous disparities of wealth, owing to the amassing of fortune by a small minority of white settlers who exploited the country’s rich mineral resources, Kaunda set about transforming the economy. In keeping with his socialist philosophy of “humanism,” wealth generated by industry and mining was to be used for the nation’s overall development. INDECO was to be the vehicle for accomplishing this.