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Alba Iulia
Saturday, August 8, 2020

Greenfield should be promoted for investment-Lungu

Economy Greenfield should be promoted for investment-Lungu

President Edgar Lungu with First Lady Esther Lungu arrives at Hong Qiao State Guest House in Shanghai, China on March 26,2015. The President is in China on a State Visit and will also address the BOAO forum slated for March 26 to 29,2015 in Hainan Province of China -Pictures by THOMAS NSAMA
President Edgar Lungu with First Lady Esther Lungu arrives at Hong Qiao State Guest House in Shanghai, China on March 26,2015. The President is in China on a State Visit and will also address the BOAO forum slated for March 26 to 29,2015 in Hainan Province of China -Pictures by THOMAS NSAMA

President Edgar Lungu says there is need to promote the idea of Greenfield to prospective investors as it has the potential to enhance investment and create employment in the country.

Greenfield investment is a form of business venture in which foreign corporations or companies embark on ventures in developing foreign countries by constructing new facilities from the ground without inheriting existing structures.

President Lungu noted that Greenfield had remained untapped although it has potential to contribute to economic growth.

The head of state said this when he addressed journalists in Shanghai before departing for Sanya, Hainan Province to attend the Boao Conference for Asia where he will also deliver a keynote speech.

He observed that while Zambia’s investment was currently anchored by the agriculture, mining, tourism and other sectors, the Greenfield had remained untapped.

He said the Greenfield investment can create more than 30,000 jobs for Zambians outside the mining sector that currently accounts for many jobs.

The Greenfield type of business venture creates long term employment which offers job security in addition to construction infrastructure.

Gaining knowledge and technology from the new factories that would be built from such investment were some of the added advantages of investment in Greenfields.

Greenfield investment is often encouraged in developing countries and Zambia being one of the fastest growing economies in the world, it is President Lungu’s belief that it would be economically correct to use his trip to attract multinational corporations into Zambia to build more new factories.

Zambia has remained one of the world’s investment destinations as the country offers many incentives to prospective investors which include tax-breaks and subsidies.

“There are many other investment opportunities in Zambia apart from the mining sector and I believe that Greenfield investment has the potential to create many jobs and significantly contribute to the country’s economic growth,” he said.

The President added that, “I will certainly take advantage of being here to meet as many investors and assure them of the many investment opportunities and see which areas should be explored so that government could expand them.

He stated that apart from the mining sector, Zambia had many other areas that had the potential to attract foreign investment which can have the catalyst of job creation and contribute to the country’s Gross Domestic Product (GDP) currently standing above six per cent.

Meanwhile, President Lungu has arrived in Sanya ahead of the Boao Conference for Asia (BFA) where he will address other Heads of state, business leaders and academia on Saturday.

President Lungu touched down at Sanya Phoenix international airport at 15:35 hour’s local time and immediately drove to MGM grand hotel at the seacoast of Southern China sea where he will spend a night.

He is accompanied by his wife Esther, Foreign Affairs Minister Harry Kalaba, Commerce Minister Margaret Mwanakatwe and other government officials.
President Lungu is tomorrow expected to market Zambia as an investment destination when he delivers a speech at the BFA at Boao where the conference is held annually.

8 COMMENTS

    • The president is basically making a suggestion instead of implementing the idea. This has been the cry of Zambians since privatization that these investors should build their own facilities.
      Now see our president is making a suggestion instead as though he is just an ordinary citizen in the street. this one is chimbwi no plan ba president naimwe. put such clauses into law and make investors leave infrastructure should they choose to run away.

  1. Yes Sir, more Factories. Don’t know about multi nationals! They might want all the profits!

    Without inheriting existing structures, AND PAYING THEIR FOR OWN AMENITIES LIKE ELECTRICITY. We can’t repeat the Mines package where they get cheap labour and never pay them nor their own electricity.

  2. POS! Continue praise singing and the prosperity will trickle down to you. Last time I checked you are un the diaspora, next destination is London, Paris, NY and Washington DC, invited or not he will continue globe trotting. Meanwhile your relatives in Chawama, Matero, Chilenje continue to poop in pit latrines, right across from State house. The villagers are much more poorer than David Livingstone found them. Back then, they had more game……POS EL!

  3. I thought he was proposing a new idea but a greenfield is anywhere where nothing has happened before. The whole of Africa is a greenfield. Lungu should not confuse investors. He should invite investors to come to Zambia for Zambia specific attributes.

  4. Lungu has just started to understand what the wheel is – and he thinks he has invented it!

    This is the problem with recycled politicians. No new ideas, just wasting money on things that have all failed before.

Comments are closed.

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