25 French Companies in Zambia to explore investment opportunities as President Lungu promises them reduced taxes

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25 French companies led by the Movement of Enterprises of France (MEDEF) arrived in Zambia on Monday 1st June 2015 to explore investment opportunities in the country. They are seeking for joint venture partnerships in the infrastructure development, banking and finance, energy, water and sanitation, insurance and transport sectors.

The delegation held an Economic Session on Tuesday, 2nd June 2015 at Intercontinetal Hotel in Lusaka where they engaged the Zambian private sector and the Zambia Development Agency. MEDEF will sign a Memorandum of Understanding (MoU) with the Zambia Private Sector Association on Wednesday, 3rd June 2015.

The MoU that will lay a framework for cooperation seeks to further promote trade and investment between Zambia and France. MEDEF is the biggest french business council with over 800,000 member companies.This is according to a statement released by Chibwe Chisala,First Secretary – Economic and Trade,Zambian Embassy in Paris.

Meanwhile President Edgar Lungu has said his administration would give investors good incentives in form of reduced tax, non-tax incentives such as investment guarantees, protection agreements and free facilitation for application of permits, licences, land acquisition and utilities.

“If foreign companies operating here in our country closes, we lose as a country, so it’s imperative that we attain a 50 – 50 deal,” President Lungu said.He further assured the visiting French business community that government through the Ministry of Commerce,Trade and Industry would make the business regime favourable.

President Lungu was speaking in Lusaka today when the delegation of French businessmen paid a courtesy call on him at State House.

President Lungu said Zambia should not only be confined to expanding the ‘traditional’ sectors like agriculture and tourism but switch to modern ones in order to grow the economy.President Lungu said Zambia can learn from developed countries like France which has highly explored and developed in newer sectors such as solar energy.

Mr. Lungu said Zambia is cruising to develop her economy to suit that of France and other developed economies because she is endowed with abundant land, water and other natural resources.
The Head of State assured that Zambia is a safe destination and haven for investment and appreciated the private public partnership that exists with government.He said the private sector is the engine of any economy and reiterated his government’s determination to continue wooing investors in the country.

Delegation Leader Gerald Wolf disclosed that the International Movement des Enterprises de France (MEDEF) who are in the country on a fact finding mission would explore opportunities in Zambia with the assurance made by President Lungu.

Mr. Wolf, who is Vice Chairman of the Africa Committee, hinted that Zambia has proved to be a good destination for investment, hence the delegation coming here.French Ambassador to Zambia Emmanuel Cohet pledged to woo more companies from his country to invest in Zambia.Mr. Cohet reiterated his government’s commitment to cementing further the bilateral ties existing between France and Zambia.The French Envoy added that exchange programmes would be heightened with such platforms.

MEDEF International is the most representative organisation of the French private sector at an international level and represents the French Business Confederation (MEDEF) and its 800,000 companies in the world.MEDEF International also gathers more than 6,700 French companies already operating in the world in 77 Business Councils headed by 40 Chief Executive Officers of major international French companies.

Commerce, Trade and Industry Deputy Minister Miles Sampa assured President Lungu and the visiting business executives that his ministry would push the task given to fruition in order to benefit the Zambian people.

Mr. Sampa said investing in Zambia would translate into transforming Zambia’s economy and also creating jobs for the locals.

He disclosed that the visiting business executives would have audience with the Zambia Development Agency (ZDA), Zambia Chamber of Commerce and Industry-ZACCI and the Zambia Business Forum among others in order to explore the country as it provides the best investment destination in the region.

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21 COMMENTS

  1. Our President is below par- there is something about him I am finding difficult to accept.

    I like him as a man- but he is punching above his weight.

    He doesn’t strike me with any confidence whatsoever like the GREAT SHARK Mr Sata was.

    We are in mediocrity era I am afraid

    Thanks
    Bb2014

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    • HH is also expanding his Kachema and grazing farmland business. There’s competition for you!

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    • SATA AND LINGU ARE DIFFERENT,JUST AS U ARE DIFFERENT FOM YOUR FRIENDS.THAT KANT HAVE THE SAME LEADERHIP STYLE KOZ THEY ARE 2 DIFFERENT INDIVIDUALS.THATS WHY WE KANT DEVELOP KOZ WE BELEIVE IN JUST CONDEMING EVERY GOVERMENT IN POWER.MOST OF US OVER CONDEMED LEVY WEN HE WAS PRESIDENT,BUT WEN HE DIED THATS WEN WE REALISED HOW MUCH HE DID FOR HIS COUNTRY.WAT IS RONG WITH WOOOOING INVESTORS THAT U AHVE TO CONDEM BA MUSHOTA?LETS O KUM TOGETHER TO DEVELOP OUR COUNTRY.

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    • BUT WHY DONT YOU GIVE THESE SAME INCENTIVES TO ZAMBIAN BUSINESS?

      Most small businesses in Zambia are closing because of high taxes and yet foreigners are allowed to operated without paying taxes.

      What the hell is wrong with our leaders?

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    • Mrs Mushota-Scot, I prefer the “mediocre” Edgar to your “Great Shark” Sata, for what did the latter bequeath to us apart from total political confusion, party cadres running with pangas everywhere, and total confusion in economic policy? Not to mention flirting with criminals in the cartel, criminals who today use the Past news to point at “corrupt elements” in our society when they are the biggest criminals and purveyors of corruption themselves. For what do you make of entering a Nolle prosqui worth USDollar 4million, if that is not grand corruption? What do you make of “Michaeling” a republican president to instill fear in others to give you deals without question because you seem to be aligned to the high office? Finally Zambia is more freer in the last four months.

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  2. Why promise them reduced tax and free application forms when indigenous companies who have created jobs and paid corporate tax are not promised any reduced tax or free forms.this is not a level playing field.i will suggest that such incentives should benefitcompanies in towns with declining industrial sector such as kabwe,mansa & others.

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  3. What Lungu said was nothing short of worshipping the would be investors. Why treat them like small gods? No country in the world hopes to increase its revenue by reducing tax for foreign investors whose money will fly out of Zambia at close of business every day.

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  4. Our president is a failed man. I wonder if he even brushes his teeth.

    let him step down to save himself from embarrassment.

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    • HILDA U HAVE NOTHING APART FROM INSULTS TO CONTRIBUTE ON THE BLOG?THE BIBLE SEZ U WILL REAP WAT U SOW.O DZ INSULTS U HAVE BEEN MAKING,U WILL REAP 1 DAY.THE BIBLE Z VERY CLEAR ABOUT RESPECTING ADULTS FI U ARE TO LIVE LONG.DONT THINK U ARE CLEVER,U WILL REAP AND BE EXPOSED 1 DAY.AFTER O HILDA MALAMA IS NOT EVEN YO REAL NAME.

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  5. Another question is which sectors are they interested in? If it in agriculture,tourism and value addition related industries like manufacturing and agro processing they are more than welcome but if it is in mining especially copper, I would say we need a break! We are centrally located and can become a production and distribution to capture the regional market but we seem always too excited about attracting investors in trading and copper mining. Sectors which have not transformed the fortunes of our economy.

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  6. WHAT ABOUT US ZAMBIANS FOR REDUCED TAX AND MORE INCENTIVES. ZAMBIANS ALSO NEED REDUCED TAX, TAX HOLIDAY FOR NEW COMPANIES, MORE REDUCED TAX IF INVESTMENT IS IN RURAL AREAS, ETC. PLEASE, HAVE CONFIDENCE IN YOUR PEOPLE, TOO.

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  7. This is clearly a vision less leader with absolutely no laid down policies…its so skin cringing to say the least!!

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  8. THE FRENCH ARE VERY GOOD IN TRANSPORT INFRASTRUCTURE SUCH AS TRAINS, TRAMS ETC, THE THE GOVT PPP WITH FRENCH COMPANIES TO BUILD REALLY GOOD AND MODERN COMMUTER TRANSPORT IN OUR TOWNS SO THAT ZAMBIAN TOWNS DO AWAY WITH THOSE DEATH TRAPS IN THE NAME OF MINI BUSES. GOOD MODERN TRANSPORT SHOULD HAVE MORE INTERNAL ROOM FOR EASY MOVEMENT OF PEOPLE, WHEELCHAIR ACCESSIBLE, RECEPTACLES FOR SHOPPING, ETC. JUST IMPROVED COMMUTER TRANSPORT CAN SEE A MORE THAN TREBLE OF TOURISTS TO THE COUNTRY.

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    • I LOVE SPENDING SOME OF MY HOLIDAYS IN FRANCE DUE TO REALLY GOOD TRAMS, TRAIN AND COMMUTER BUSES NETWORKS AND HIGHLY AFFORDABLE COMMUTER FARES AS WELL AS THEIR EXCELLENT BUT HIGHLY AFFORDABLE HOTELS.

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    • Ba Peter! Visit Vienna and see if you will praise again the trams, trains and buses in Paris.

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  9. It is really saddening to see our govt busy begging for investment from the Western world. The investment is good but it comes with a very big price. We should also be in a position to reject some investments and not just accepting just because they will employ a few local people. French investment must be taken very seriously because it has brough choas in other countries especially in West African and North Africa. I would urge our govt to invet more in research and development involving young people who would in turn help to steer the country forward. Always begging for investment is a sign of failure on the part of govt.

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  10. Most Zambians exude negativity. What is wrong with giving people investing for the first time incentives so that the start up capital investments is reasonably cheap compared to our peers within the region? The president didn’t state that they will never pay tax, but that they will be given reduced tax to set up the intended investment ventures. This happens everywhere in Africa and will happen even if we change governments.
    It is imperative to contribute reasonably such as one blogger stated that why can’t similar policies be introduced for towns in rural areas with suppressed economic activities? We need to get more investment in the right industries such as agriculture, food processing, energy, water and sanitation and transport and in the right places within Zambia.

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  11. You see ladies and gentlemen, there will NOT BE ANY ONE DAY here in Zambia when manna shall fall down! Support any efforts that are being made to grow investments in Zambia. Fine, the same incentives can be made available to start up Zambian companies but the danger is that most companies will be starting up forever and some companies will be closed in preference for startups just to avoid tax.

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Comments are closed.