Thursday, March 28, 2024

President Banda woos international investors

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Mr. Banda
Mr. Banda

President Rupiah Banda has urged the global business community to come and invest in Zambia as the country has vast investment opportunities in virtually all sectors of the economy.

And the President says government has taken a wide range of measures in response to the harsh effects of the global economic crisis.

Mr. Banda said this in his presentation dubbed ‘Zambia – A Promising Investment Destination’ during an interactive dinner session on Zambia at Westin Hotel last night at the on-going World Economic Forum on Africa in Cape Town, South Africa.

President Banda said there are a lot of factors which make Zambia an attractive destination for investment, which include political stability, democratic governance and peace which the country has enjoyed since independence.

“You will agree with me, ladies and gentlemen, that Zambia is one of the few countries on the continent that have never experienced civil strife since independence in 1964, and we will maintain it this way so that those intending to invest in the country can reap their profits in peace,” said President Banda.

Mr. Banda said the country has abundant natural resources, such as land, water and good climatic conditions ideal for those wishing to invest in various sectors of the economy.

The government has also put in place liberal economic policies and a pro-private sector framework supportive of macro-economic stability.

Mr Banda added that Zambia’s membership of regional bodies such as COMESA and SADC and its central location in the region also make it a more conducive destination for investment.

The President cited agriculture, mining and tourism as some of the key sectors with high investment potential.[quote]

Others cited were manufacturing, transport and energy, construction and real estates such as housing units and shopping malls.

“We have large tracts of land available for food and cash crops for both domestic and export markets, while in mining, the country is endowed with precious metals, uranium, iron, tin nickel manganese and agro minerals, among others which need exploitation,” he said.

President Banda also said government will float tenders before the end of the year for the exploration of oil and gas in some parts of the country.

On the global economic crisis, President Banda said government has responded by prioritizing infrastructure development and development sectors with global comparative advantage in the 2009 budget.

He said in this regard, government has increased financial allocation to the agriculture sector in this year’s budget and has further zero rated Value Added Tax (VAT) on selected agricultural equipment.

Mr. Banda said government has also increased financial allocation to the tourism sector in order to improve access to the northern tourism circuit and others.

He added that a number of measures have been taken in the mining sector, including the removal of windfall tax, increasing capital allowance to 100 per cent and reducing customs duty on heavy fuel oils.

“All these and other measures make Zambia a truly preferred investment destination,” he said.

President Banda said the Zambian economy has experienced strong growth at an average of 5.9 per cent over the last five years and 6.2 per cent over the last three years.

He however, observed that the current global economic crisis is impacting adversely on the economy, with GDP growth now projected to slow down to 4.0 per cent this year against the Medium Term Expenditure Framework (MTEF) target of 7 per cent for 2009.

The government has responded by focusing fiscal and monetary policy measures on maintaining macroeconomic stability and undertaking critical long term investments aimed at diversifying the economy and increasing its productivity.

In attendance at the dinner, among others, were former First Lady, Maureen Mwanawasa, Finance Minister, Dr Situmbeko Musokotwane, Commerce Minister, Felix Mutati, his mines counterpart, Maxwell Mwale, Agriculture Minister, Dr Brian Chituwo and Energy minister Kenneth Konga.

Earlier in the day, in his welcome remarks during the main plenary session of the forum, South African President, Jacob Zuma, said there is need for Africa to tackle the on-going conflicts in some parts of the continent decisively.

Mr. Zuma said the conflicts have the effect of making the global economic crisis worse on the continent.

Former UN Secretary General, Kofi Annan, said part of the solution to the global economic crisis lies in reforming the global financial institutions such as the International Monetary Fund (IMF) and the World Bank and ultimately the United Nations

ZANIS

69 COMMENTS

  1. And the President says government has taken a wide range of measures in response to the harsh effects of the global economic crisis.

    Which measures when you are failing to pay civil servants good money.Ba MMD and your leaders Iam tired of you.

  2. We always RB or first Lady or minister so and so woos international investors but we never see the investors. It is all just empty words like Mbala int. aiport or Mfuwe int. airport or solwezi int. airport. just words. We Zambians are tired of hearing just words with no action.

  3. We need proper investors not lousy investors who will start selling chikens on the market like the Zambian people.

  4. No teachers in the class rooms no nursers in the wards what a republic!!!!!! What do we call it Banana republic a befitting name indeed ..

  5. Even if these investors come, they will be mistreating us as you do to your civil servants. Ba President too much of anything is bad. Too much travelling without tangible results.

    Ba Matworld, how are you?

  6. I hope and pray this is not just another economic forum but that something good and productive comes out of it.

  7. Ba Tionge.

    Iam good the Lord has been so gracious with me,Iam just bored nothing to do I finished my exams last thurday so Iam atb home for one solid month.

  8. #11 Maureen is one of the investors RB is wooing to Zambia. Its in out in out type of investment. Maureen to be told that Zambia has got good weather, no violence etc when she was first lady. Ba RB, is it the pipo that souls of pipo that have died during the strike that are HAUNTING YOU?

  9. Mr. President Sir, Please consider stepping down come 2011 presidential polls. Its for your own good. This is time for actioning and not promises and wishes.

  10. #15CORRECTION,,,#11 Maureen is one of the investors RB is wooing to Zambia. Its in out in out type of investment. Maureen to be told that Zambia has got good weather, no violence etc when she was first .Ba RB, is it the souls of pipo that have died during the strike that are HAUNTING YOU?’

  11. I didnt finish. You can enhance investment by empowering the locals. Dont tell me there is no money when we have seen ka K27b being pocketed. Foreigners will always put their countries first like bringing their own labour (Chinese at NFCA and CCS). Please promote locals and you will see real benefits.

  12. The former first lady is in cape town to plead over her involvement in the recent scam. She knows she is in deep shit. U can tell that the speech is copy and paste. He has done nothing to solve the crisis am sacred he will turn the country into another Zim. Where donors are always withdrawing. Human thick meat just come back you give us a plan

  13. The best Nyama Soya will do for Zambia is retire come 2011. Whether MMD or The Pact Party, let the young rule.

  14. How we never heard RB woo’s zambian citizens, its always outsiders. Zambia is probably an investors wet dream so of course they would be easily impressed.

  15. Who was the President in Zambia Maureen or LPM before RB took over? Her presence in south is highly suspicious.

  16. bla bla yap yap!! RB dont give a flying toss about wats cuttin in the nation! long as he’s havin a blast and is nowhere near the frontlines and just gets to hear about the strikes 2nd hand and morons like teta and shikapwasha are tunin him that this is just a phase and as long as he closes his eyes real tight and keeps his ear to the ground for another summit to be attended, everything will turn out aight!!

  17. You people learn to produce investment yourselves. You have sold all sectors of the economy to foreginers, why? Always moving up and down to woo the Tuntamba Investors..What a joke!!!!!

  18. Disgruntled Zedian

    Vasco DaBanda, or maco banda, a normad who always finds his way home(State House) to plan for the next trip.

  19. Way to go Mr. President and looking very presentable in the picture! I agree though that we need to empower Zambians by giving them incentives such as loans. We also need to create tax free Zambians invester situations!

  20. All this rubish noise about wooo waht ever. It gives me stomach crumps. people are deing in UTH. Doctors have also put their tools down.
    LT plogers how do we help save the young children who are being admitted in the same wards with TB patients.

    This country is not even fit to be called acountry.
    RB please privatise zambia maybe then you will find proper investers who will be able to provide medical care to all this country.

    Maybe thats why Mbesuma missed that goal. he was protesting. lol

  21. What investors did he meet if not political appointees and economists? Merymaking at the hotel with Dr Maureen Mwanawasa and others can not give us investors. Maybe if he had gone to China, he could have brought ‘contractors’ to work on roads and mines. Come back RB and solve the confusion in the Min. of Health and others. Zuma was concerned with conflicts on the continent while Annan with UN agencies which are making poor countries poorer. That in itself makes a wrong platform for wooing investors to zambia.

  22. Straight from watching Mbesuma miss a penaulty in chililabombwe to the Vasco da Banda business. He has even started looking like a Kenyathipikas due to over eating in these Hotels. Has got a Dietician this man? Stroke yapalama nabeve. Percy Military Hospital is calling and soon we go for another bye election. some one has to be ERECTED into plot 1(Woodlands)

  23. Which serious investor will take yopu seriously when the entire nation is crippled by strikes and you are busy sipping wine

  24. The running away of investers in Zambia during the economic crunch has not served as an example to this Zambian. Did the INDABA stipulate more wooing of investers to the country? Chimbwi no plan. If travelling is all there is to presidency, them every blogger here can make good presidents, Alas, bwana mwafilwa ukubomba. the more you fly, the more your Ministers are busy stealing from the Govt coffers. You will be held responsible Bwana. Time of reckoning is surely at hand.

  25. Does our President have a Dietician? He is alarmingly becoming too FAT. Is it as a result of wooing INFESTORS? Can some one please help me have my ignorance reduced! Too much ATTY foods by our KATEKA is not good. LPM liked dry fish. For RB I think it should be PORK CHOPS and BOMORA from JACK compound after Chawama near Lilayi

  26. Let him step down on moral grounds. We are subjected to untold misery due to his muteness over issues and touristic behaviour.

  27. You can imagine fellow Zambians, My wife works at Ronald Ross in Mufulira. She came to visit me in Francistown here in Bot without leave. She just took advantage of the strike in RB’s GRZ. Its a shame. I came with my youngest child. The rest are at Mpelebe there in Zed. At least there is no strike there

  28. “I didnt finish. You can enhance investment by empowering the locals. Dont tell me there is no money when we have seen ka K27b being pocketed. Foreigners will always put their countries first like bringing their own labour (Chinese at NFCA and CCS). Please promote locals and you will see real benefits.”

    Iwe Deja Vu, go an apply for loans at a bank. There are a lot of banks in Lusaka. If you think the banks are not offering favorable interest rates, go to the CEEC to apply for loans. If that doesn’t work, go to the stock market or get a business partner.

    There other ways of raising capital besides waiting for govt to send you a check. If you are really in need of loans, go register at www [dot] kiva [dot] org

  29. President Rupiah Banda on Thursday underwent an orthopaedic procedure for a knee problem in South Africa. Medical Doctors who conducted an orthopaedic procedure called arthroscopy on the President’s right knee said the minor operation was very successful.

  30. This is a good move Mr President. There are parts in Dambisa Moyo’s book that talks about wooing investors.

    In short, Africa has been shed with a negative light. Any mention of Africa brings to mind war, poverty, etc. We need to advertise Zambia’s investment potential.

    This is very welcome Mr President. Good move.

  31. Cheecolor uyu, ever on the move. Our pipo are been killed ever day and one says it’s not that. Police incharge of that post must be a full. Who has been supplying them with fuel? This reminds me of a one traffic officer he was chasing a minibus and ran out of fuel, and that was outside town. All he did was to “make a fake road block”. When we got there he started asking for driver’s licence, triangles, etc and the driver happened to be equipped, he then he called the driver aside and said pliz mune petrol yampwila. Mpelako 2.5 litres ifintu kwafwana.

  32. I don’t understand why some people are so critical for nothing. There was a world economic forum in South Africa of which heads of state had to participate in world wide.

    What is wrong with President RB using this opportunity to showcase Zambia’s economic potential. Africa attracts very little FDI in comparison with many other parts of the world. If Zambia is to receive FDI, advertising of the country’s investment climate is going to have to take place.

    I also don’t understand why some people are saying govt is not investing in its local investors. We have the CEEC and the LUSE set in place all of which Zambians can access capital for various investment programs.

  33. This is just a result of people blowing air and criticizing for the sake of it. Let’s see how many Zambians will invest in MFEZ or are willing to invest in MFEZ.

  34. Of course Zambia is a promising investment destination, at least here I agree with the president. I can also note that a number of measures have been put in place to sustain the economy. I hope they prove to be effective.

  35. Its indeed a shameful thing to have a tourist for a president. This Rigged Ballot (RB) will kill all of us and they will loot the country.

  36. Iwe #47: What you say may be true but WHY doesn’t the prez talk to us about it? His job includes leading us, giving us directions and ensuring we’re headed the right way. How does he achieve this by being quiet? When herding a flock of sheep, you keep urging them along towards the destination otherwise they stop or even scatter in all directions.

  37. # 49 Ba free market, we have a crisis bak home with essential government workers on strike , so he should be around to sort it out or at least he should have commented….

  38. I think this is a good Move RB even in this case i willcommend you for the job well done. Thats the first step continue to work like this and if the economy can pick you may continue for another term. people vote for someone in office if he/she is working but if one is lazilying around….keep up with the good work and will see how far you will go. I am getting impressed…

  39. They are not investors but potential tourists to come and enjoy red carpet treatment and tax payers money. Its so easy not so? Touring a poor country under the guise of an investor. Ha ha ha ha ha ba RB.

  40. Rubbish! What about economic empowerment just for Zambia. What is govt doing to create Jobs besides looking at investors. i think this in part has to be in line with some policies to would enhence macro-micro economy. Whether, water…blar blar. We should be thinking of adding value to our resources. You bring such huge entourage wasting tax payer money.

  41. where was nawakwi this time?. He’s now preferred to galavant with Dr maureen. mr rb you should have sent george kunda while you remain sorting out the mess that is prevailing in the country. i wonder how many presidents are there and those that have sent representatives. I hope he wont go straight to gabon from SA.

  42. Words are words Mr President RB and the international community of nations can only measure your words by your actions on the ground. Otherwise they are words in futility.

  43. Zambia is a POOR COUNTRY! Govt by itself can not create jobs or decrease levels of poverty without attracting FDI. Zim was way wealthier than Zambia but look at what happened when they tried to go it alone. What we need is clear and logical debate, not criticising for the sake of giving your mouth something to say. We as Zambians and Africans need to play a very strategic and long term game. Populism and ignorance will take us nowhere will not improve the lives of the majority of our people.

  44. You see is people could have constructive criticism, it would be easy to respect their views but when people are critics for nothing such as now I fail to understand. our president is the biggest ambassador of our nation and love him or hate him, he should be at that conference, CEO’s and other leaders attend these conferences, so he should be there and sell our country.

  45. Critisizing aside the only way out of this so called economic crisis is by ensuring that you attract investment. At the moment because of uncertanity in the world economies people are sitting on there money. Sending or “deligating” such matters in these conditions will not help especially that africans “ministers” are known for being ni chekeleko type. I wish and hope that once this year passes we will begin to see some results. Food for thought Obama has toured asia and europe because him being there personally has a big impact. I am not trying to compare the 2 but hope you get the idea. Nothing will help Zambia more than investment and plan for the future and not for tomorrow everytime the opposition says jump you jump and derail you government objectives.

  46. #19 Deja Vu
    Actually some mines in “small scale” are owned by Zambia what they are doing is they are getting lamp sum moneys and let the so called tutemba investers do the hard graft. Typical of Zambias to plan only for the short future maybe they should be advised to collect royalties or something instead of giving the business away for cash. And i dont see this as the Government problem but rather individuals. As many people before me have said what NEEDS to CHANGE IS THE ATTITUDE TOWARDS HARD WORK by my fellow Zambians but they find comfort in pinning it all on the guy incharge

  47. well done RB it was really smart of you to tell the investor that the health industry is booming right now, with a public hospital loosing more than half of their clients.

  48. I spoke to Mbesuma yesterday and he shared with me that he was actually protesting against the way country is being run nowadays. He is not happy at all… To this in public, he decided to miss the penalty.

  49. Imwe mwe bantu we have been singing the foreign investor song since 1991 when MMD took over. When is government going to change its policy to local investment?

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