Ministers have defended the Patriotic Front (PF) government’s economic reform programme as fair, liberal and offering some of the most attractive incetives on the continent.
Leading the presentations at the joint Business Council for Africa (BCA)-Zambia High Commission investment forum held at Zambia House in London, Hon. Robert Sichinga, the Minister of Agriculture and Cooperatives, said the ongoing reforms in the economy were intended to make the playing feild fairer, encourage more foreign invenstment and ensure mutual benefit for both investors and the people of Zambia.
“There are no capital controls and there are no restrictions whatsoever regarding profits that investors make. What we have done is simply to empower the reserve bank (Bank of Zambia) with an instrument to monitor the value of exports. We want to know for purposes of normal regulatory function that every government performs,” Hon. Sichinga said.
He dispelled assertions Ms.Sheila Rai, a representative of the Economist Intelligence Unit (EIU) that the investors were nervous about signs of regulatory controls that seemed to place capital restrictions on investors.
“In the past the only agency that recorded export and import figures is the Central Statistical Office but we have now created an instrument that empowers the reserve bank to check on these figures. This does not mean that investors will face any restrictions. Once they have paid the due taxes and met other statutory obligations, they can repartriate their profits,” he said.
The minister invited British investors to explore the attractive opportunities Zambia was offering through the planned farming blocks across the country.
“We have enquiries from the Middle East, China, India and America regarding the aqusisition of land for them produce food for their people. But the United Kingdom has been very slow. We are moving on and I urge you to respond. Our policy is to invite all and exclude none. The UK has a comparative advantage and I urge you to move faster.”
Other key speakers included Zambia Development Agency director-General Andrew Chipwende, EIU editor Ms. Shefali Rai, and invenstors’ representatives Mr Markku Virtanen and Mr. John Rabb (non-executive director of Zambeef.) More than 70 representatives of UK investors attended the meeting.
Hon. Col. Panji Kaunda (deputy minister of works, supply and communications) and Hon. Richard Musukwa (deputy minister of mines) also spoke at the conference.
Col. Kaunda outlined the various infrastructure develoment projects the PF government has put in place to open up all parts of the country and to create effective connectivity with neighbouring countries.
Hon. Musukwa said the changes the goverment was effecting in various sectors of the economy were aimed at increasing transparency and ensuring that citizens benefitted from their natural endowed resources.
Animals strike not from malice, but because they want to live
This is a working Gvt for sure. Keep it up guys.
One good way of making allowances and taking a holiday I suppose……
Do the PF even know the inner workings of monetary policies & resource allocation? If they can mess so badly on matters of jurisprudence wait till they preside over the economic meltdown of zed.
Ba mambala just be fair in your analysis and comments.Its governments duty to woo Investors to our country by holding such meetings.Bob and team are doing just that and including our president Noah and others in china.The fruit if these meetings shall be seen very soon.
It looks like the PF government have realised that you need to travel. They are all over the whole. From Cuba to Indonesia and every country in between. These are the same people who were refusing foreign travel in the first three months of coming into government.
These PF guys do they even sit and work in zambia, they are always travelling… rubbish!
Make the playing field fairer by asking investors where to they are taking their profits? This is a crisis of your own making. No matter how many trips you make with an overblown delegation, investors will always look at the fine print of Chikwanda’s Statutory Instrument of communist control. Once an investor has paid all his obligations in terms of taxes the government should have no say as to what and where he wants to enjoy his profits. Stop taking advice from Kenneth Kaunda. He is not an economic guru. He is a case study of how to ruin an economy.
Hon. Sichinga inst there a way that these Investors can be inticed to not to repartriate their profits to their foreign countries but rather invest more and work more with that money in a way that will benefit the Owners of the resources directly. Besides Make your grounds Known from the Beginning. That is, instead of issuing vergue statements as ” so that there is mutual benefits between the Zambian people and the Investors” please state how. I also believe that it does not end at them paying the taxes and them meeting legal obligation but that also improving the areas in which they are working. how dare them come and finish up the already finished roads make money and leave just like that and you watch them Go
I bring in money in the country as an investor, I start generating a profit. One of your henchmen (eg Mahtani) start doing business in competition to what are I do. Are you not going to deport me???
The entire cabinet was on holiday & are only coming in this week. Zambia mu kayofi.
ba pushi mwalitemwa ukususha napashiligile.how can you lure investors if you dont travel. viva hon ministers.
leave the haters alone, let us just PF
….we were telling ala bee that he travels alot, si apa manje, choipa chi sata mwine!
@8 Mwiche Goncalves , you seem to understand the concept but at the same time you want to rubbish your own understandng, the idea here is to monitor the quality of exports and at the same time ensure that these Investors do not completely rip us off without any benefit for the citizens who have given them an excellent enviroment to do business in … you should find time to wtch the BBC program Stealing Africa. See below an extract from the above and see if there is any diffrence in yours and Hon Bob’s statement
He dispelled assertions Ms.Sheila Rai, a representative of the Economist Intelligence Unit (EIU) that the investors were nervous about signs of regulatory controls that seemed to place capital restrictions on investors.
“In the past the only agency that recorded export…
TRULY, THIS IS A WORKING GOVERNMENT. THE MEN AND WOMEN ARE TRULY AT WORK. IT CAN NOW BE FELT THAT ZAMBIA IS HEADED FOR ECONOMIC BOOM. KEEP IT UP PF.
This Government has raised serious issues with the international community which must be answered and clarified.
The BOZ amendment is not for monitoring as Bob Sichinga suggests. It is for Regulating, controlling and overseeing.
Our own business houses here in Zambia, manufacturers, chamber of mines, farmers union and tourism association raised concerns about the law.
The Ministers should have started by assuring the business houses here at home.
PF under KAUNDA’S economic regime. Wait!!!!
Koolwee ndobo 7 where are you writing from?
In the entire presentation assertions made by Sheila Rai of the Intelligence economic unit (IEU) that investors were worried about signs of regulatory controls and capital flights is the real issue. Investors are not amateurs in the field of placing their investments in relation to risk regimes. The talking done is one thing to the investors, the finding out what is obtaining on the ground is what matters most. Remember PF govt has crafted itself the most unpopular tag in Rule of Law, Accountability, Transparency and Good governance not only at home but Africa and the world. Zambia has been governed by other previous governments before and the climate of investments is known to would be investors. Signals of worry by investors as stated by IEU is what need to worry PF govt.
kadansa way of investor confidence
Ba Kolwe be consistent, aren’t you the same fuuuls who were pronouncing that Zambia has printed FAKE money?
You can’t please three Masters at once.( Mmenbe ,the electorate and investors.)
One sure way of know ‘icishushi’ is wen u find a human being critises anything. However, pf ,don’t even waste yo time nd energy responding 2 dese little foxes.Just continue 2 hard. Yo works re already compaigning 4 u 4 2016. kapiri ad lukulu ar yos
I meant ‘who’ and ‘just continue to work hard’