Zambia and Canada sign investment protection and promotion agreement
Zambia and Canada have concluded negotiations and signed the Foreign Investment Promotion and Protection Agreement (FIPA) to boost business ties.
FIPA is a treaty designed to promote and protect Canadian and Zambian investment through legal binding provisions as well as to promote and protect foreign investment in Canada and Zambia.This is according to statement released to ZANIS in Lusaka by the Zambian High Commission in Canada.
The Agreement will ensures greater protection against discriminatory and arbitrary practices and enhances the predictability of a market’s policy framework as well as give businesses greater confidence to invest. In Zambia, the Canadian investor asset-base is estimated at over $6 billion, accounting for 20 percent of all Canadian mining assets in Africa.Zambian High Commissioner to Canada Bob Samakai signed the FIPA on behalf of the Zambia government at the Prospectors and Developers Association of Canada (PDAC)’s international Convention Trade show and Investor exchange in Toronto on March 4, 2013.
In his speech, Mr. Samakai said Zambia was looking forward to increased investment arising from the signing of the agreement particularly in priority sectors such as agriculture, manufacturing among other and value-addition to natural resources.Mr. Samakai reaffirmed Zambia’s commitment to providing a conducive environment for foreign investors.
The High Commissioner said the signing of the FIPA agreement has put Zambia on Canada’s list as one of the potential investment destinations for investments.
“Zambia is in a hurry to attract investment from Canada. The FIPA provides a stable legal framework to promote and protect foreign investments by setting out clear rules and an effective enforcement mechanism between Zambia and Canada, “said the High Commissioner.
And the Canada’s Minister of International Trade and the Asia-Pacific Gateway, Ed Fast, said the agreement signed with Zambia and Cameroon were further proof that the most ambitious trade expansion plan in his nation’s history continued to get results for businesses and exporters in that country.
In addition to Zambia and Cameroon, other African countries that Canada had signed FIPA negations with include Burkina Faso, Cote d’Ivoire, Ghana and Tunisia. Currently Canada has 24 FIPAs globally.