PRESIDENT Lungu says Zambia still remains an attractive investment destination despite some misguided sentiments by some people to discourage foreign direct investment (FDI).
Mr Lungu is happy that investors are unperturbed by what detractors are peddling.
He was speaking when he commissioned the US$70 million quicklime and limestone quarry plant by Handyman’s Paradise in Masaiti district yesterday.
About 500 jobs were created during construction phase, with another 200 expected to be created during production phase.
“My administration is happy to witness this timely investment worth US$70 million. This plant will create new jobs and enhance competition that will help bring down cement prices in the country.
“If the investment environment was poor as someone alleged at a conference in London, there is no way investors would be putting more money in our economy,” he said.
Mr Lungu said times are hard, particularly on the Copperbelt, but people believe in Government’s ability to rise to the challenge.
“If the investment environment was poor as someone alleged at a conference in London, there is no way investors would be putting more money in our economy,” he said.
He told people on the Copperbelt that Government would not let them down.
Mr Lungu said the project integrates well with Government’s vision of transforming the industrial sector, with the aim of creating more than one million jobs in five years.
He also commended the two foreign development banks, DEG and FMO from Germany and Netherlands, respectively, for pumping US$30 million into the project, saying this demonstrated investors’ confidence in the local economy.
He, however, urged local commercial banks to participate in lending to the private sector as it is an engine for economic growth.
The President assured the nation that Government is committed to maintaining a liberalised economy, where economic players are free to do business within the confines of the law.
He also extended an invitation to entrepreneurs in Zambia and across the globe to take advantage of the vast investment opportunities existing in the country.
Earlier, company founder Michael Pasquini thanked Government and the community in Masaiti for the support rendered to the project.
And senior chief Chiwala of the Lamba people assured the firm of continued support after the massive investment put up in the area.
And President Lungu promised that Government would accelerate the construction of the Chiwala road, which is an economic hub of Ndola.
Chiwala road, which borders Ndola and Masaiti districts, leads to Ndola Lime Company, Lafarge Zambia, Zambezi Portland Cement, Neelkanth Lime Company, Dangote Cement Industries and now Handyman’s Lime and Astro Quarries plant.
The President made the assurance when he paid a courtesy call on senior chief Chiwala at his palace in Masaiti district, saying the road is part of the Link Zambia 8000 project.
“It is part of Zambia’s bigger road network project,” he said.
President said: “He told people on the Copperbelt that Government would not let them down.” Tell that to the retrenched miners.
Can someone clarify this for me. Is Handymans a foreign or a local company for the President to get so excited about FDI??
Tyga – You read the article but did not read where the president has told you that two foreign institutions have pumped in $30 Million? Why are you people so negative that you are blinded by your negativity?
This project started under MMD is only being completed now. Handy man’s paradise is a owned by a Zambian I know very well. Therefore this does not represent FDI. PF does not understand the meaning of FDI. Those figures mentioned are inflated figures.. Lies has short legs and do not go far.
PF ‘s strong hold is loosing a grip on jobs and the clueless PF has no plan for them. Lungu has now changed his rhetoric from “we shall not allow miners to be retrenched” to “all those miners who lost their jobs can now go back to the farm “as KK used to people when IMF structural adjustment programme started to hit hard.
PF is just kicking the can down the road. Its leadership ideology is vikaisova kuntashi.
BY January, Kwacha will again fall dismally because the central bank will run…
500 new jobs? Are you sure?
Oh great leader drunken Lungu, we still await the 500,000 jobs you fantasize about
Meanwhile Aleisa HH
PF = POVERTY & FAILURE
This means those who chose PF deliberately chose POVERTY and FAILURE. CB NORTHERN AND EASTERN PROVINCES CHOSE POVERTY AND FAILURE.
If two foreign companies pumped money into handy man then thats FII- foreign indirect investment.
Not to ignore the hard work these local business men have done to get to where they are today, love or hate it and politics aside that $30m is FDI pumped in by the Germans; as FDI is a controlling ownership in a business enterprise in one country by an entity based in another country.
I don’t think negotiations for that among started in Lungu’s administration as he wants us to believe or due to their policies. The problem will have with Lungu is he is so dull that everything is campaigning for 2016 if you are going to campaign at least refer to your policies that make such a possibility.
@Jayjay
I beg to differ on the definition of FDI. This is what it means,”Foreign Direct Investment (FDI) FDI is distinguished from ‘portfolio’ investment in that, as well as being ‘lasting’, it means that the investor has control over the assets invested in. A single flow of capital between two countries is described as outward for the investing country and inward for the recipient country”.
To qualify your statement, that $30 pumped by Germany bank amounts to FDI answer the following questions.
1. Who owns the company in which $30 million has been pumped in by Germany bank? Is it Germany bank of Handyman’s paradise?
2.Is the money pumped into that company a loan or share holding investment?
3. If I borrow money from a UK bank and invest it my company does that amount…
Ba Observer ba PF cadre, I attended this ceremony because Handyman’s and Astro are clients of our firm. There was no FDI even in this case. The two men raised US40 million dollars from their own pockets but then had a shortfall of US$30 million. They approached our local commercial banks for a loan and all banks refused and that is why they had no choice but to turn to a German Bank for assistance. So that is not FDI but a bank loan to a private company. Understand?
@Wanzelu
A Foreign Direct Investment (FDI) is defined as an investment made by a company or “entity” based in one country, into a company or entity based in another country. These two foreign banks are not ordinary banks but Development Banks; DEG is a subsidiary KfW, formerly KfW Bankengruppe, is a German government-owned development bank and FMO which stands for Netherlands Development Finance Co. is a bilateral private-sector development bank.
Lungu my soft touch,very calm,hambo. Rise above the hate. Your mouth is fu of the truth. The power of God in u over came cartel.Now I see you finishing the Hopeless Hypocrite.Bravo
Edgar Lungu never mentioned HH as u put it ba Lusaka Times. Why putting words on the Outgoing President’s mouth? Do you want people to start condemning him (LUNGU) for things he did not even say.
Please be professional in your reporting and never exaggerate.
@Best Analyser
Unless you are really Dull or just a PF cadre scared of UPND , you too are misguided. Of Course LT is right by cutting straight to the chase saying it as it is. This is what Lungu meant. Who else was in London at an Investment summit bad mouthing Zambia. It is HH of course and Lazy chakolwa Lungu is just scared to directly mention HH. Mumbi Phiri and Davies would have done it off the calf.
It is this BS and political correctness that is keeping us behind. Why can’t this coward Lungu just say HH than hide behind the Some People when it was only HH who the whole PF condemned for bad mouthing the country
#Poor Analyser: which person went to a London conference? You need a new brain or stop drinking lutuku very soon.
If you can not read between the lines then you need to go back to pre-school!!
Very soon he will start commissioning toilets. The man is extremely desperate and he is now telling lies that about 1000 jobs wll be created.
I agree with you. Especially if the toilets are on the Copperbelt.
Not as desperate as under 5
this guy he was telling the whole about cutting down on costs, yet he goes everywhere to commission projects that can be done by a minister with big delegations and largest security team no president in Zambia has ever had. Next it will be commissioning tiolets just to campign.
Why is it that some people can’t see good in anything? all they see is bad. bamayo ba hildah malama we know you are a cadre but chill! we don’t campaign loke that.
@ me
It is question of priority.
What you will prefer to have in your plate: nshima with relish and vegetables or bitumen with lime and blocks?
This is a viable investment by a local company worth the invitation of the Head of State…imagine the local businessmen from raised $40 million and the German Bank pumped the remainder ($30m) not even Lungu’s govt of dunderheads can raised 60% of funds in any project. There are wealthy people in Zambia its just that the don’t make noise like the local Donald Trumps.
Lungu missed an opportunity here to commend local business but he as usual was point scoring and talking about FDIs….campaigning as usual and cheap politicking.
Why is it that some people can’t see good in anything? all they see is bad. bamayo ba hildah malama we know you are a cadre but chill! we don’t campaign like that.
Good local investment by Mr Pasqarini
but Mr president too much on the defensive these days desperation will lead you to even start commissioning toilets NAMULUBANA IFINTU TAFILIBWINO tulepilibula akapendo!
Lazy Lungu as usual mess up instead of talking about local entrepreneurship to promote local business he starts to campaign …this man has no qualities of leadership just a lazy drunkard.
At the moment Zambia is only attracting investments from Italian mafia, racist South Africans, mwenyes and choncholis. These are no respecters of human rights. They are serious exploiters.
Awe ba UPND you are just full of lies. Your solution to the mines were Anglo but they too are downsizing due to the commodities crush,Mozambique has even introduced foreign exchange cotrols because its currency has fallen by 36% against the dollar. I will say it again if HH made his money genuinely he would have my vote but he made it thru privitization which means he was involved in corrupt practises because how did he all of a sudden have money to bankroll the entire UPND ?. Ati man of vision he is a thief!
Take him to court.
A low student once dragged a former president to court and won. Those building you see by the round about at Arcades were started by a former president. He lost because the law student had evidence to back his allegations.
You on the other hand are blowing hot air through the back door.. Sit down!
If he was PF would have jailed him by now seeing how they fear him…..
Another testimony of President Lungu’s astute stewardship. Despite the economic downturn, he has inaugurated (commissioned) more projects than any of his predecessors. …WELL DONE SIR! You deserve another term in office to extricate Zambia/Zambians from poverty.
I dont think you know who Handyman’s Paradise is or where the started or maybe you were never born at that period…my Dad used to send there to buy building materials..imagine it was the only hardware and building materials shop in Lusaka and the city was expanding rapidly…if these guys can leverage $70m from a foreign bank just imagine how much they are worth….Lazy Lungu was merely invited to cut the ribbon and bring cameras.
More than 500 people have lost there job in Kabwe ,Lungu you will be humiliated in Kabwe come next year.
Should we be medically concerned that the presidential belly has doubled? Come on, ED, let’s invest in presidential health on a daily DIY basis as our track record is poor. More water and veggies, work out and less of whatever contributes to increasing the belly at the rate of Zed inflation… We want successful growth potential to refer to other matters and the swelling of assets to direct our attention elsewhere…
The poorer the country gets the bigger his pot belly grows…roll back 12 months and you will see the difference!!
Handyman’s Paradise? Is this not the hardware store that started out in Lumumba Road in the 90s…what is Lazy Lungu on about FDI; foreign investors are not that shallow that they need to listen to Hichilema to invest…why should this lazy bum Edgar politicize every investment…give these local entrepreneurs credit where its due they are a local company who started of as a hardware store and have gone into commercial…instead of encouraging local investment the bum is campaigning and fascinated by Hichilema.
He has gone to chief Chiwala in Masaiti district and he is talking about road construction in the area whe he himself said he will be cutting back…the Link Zambia 8000 project is a big scandal for these crooks to enrich themselves via overpriced contracts to Chinese.
Comment:Yaba Mr. Lungu, construction of that project started a long time ago before you destroyed the business environment.
awe sure ECL ulakola abantu muntu wandi let me prepare for august 2016
this project started almost same time with RBs dangote plant
EIA for Handyman’s Paradise (Z) Limited
Page 2
COVERING LETTER
The Manager,
Zambia Environmental Management Agency,
Ndola.
Dear Sir/,
RE: ENVIRONMENTAL IMPACT STATEMENT (EIS)
Following the approval letter for our proposed Lime Plant in Masaiti District dated 27th August, 2010, we
carefully re-examined the strong quicklime market demand and the strength of financing and decided it would
be prudent to expand the initial production capacity from 300TPD to 600TPD. This decision implies
submitting another environmental impact statement to your office.
Find, therefore, our EIS for your perusal and comments. As the developer is keen to start as early as is
possible, we would request that you send your comments at the earliest opportunity.
On receipt of your comments we will then…
The problem is we gave a visonless,brainless,careless,clueless person to do the hardest job. This agwa is supposed to be bartender drinking left overs of Jemason. 2016 ::::::::::::::::::::::::::::::HH
Does The President know that HH might have shares in that company? Weelu
Is HH the only wealthiest man in Zambia? Mind you there are wealthy businessmen in Zambia like Michael Pasquini who started a retail hardware store during the 1990’s…same time HH was making his money; some of these business men have been funded high return investments and diversified… when HH has been funding and pouring money into costly Party campaigns, administration and elections in the last 10 years.
This will not be the first. Remember the mall he once commissioned?
Iwe ci color! Are you telling us that you never knew about that long term project by handymans paradise? You should have taken an opportunity to praise and encourage the local investors iwe kolwe!
A ba bena cipuba fye!
LOL WHAT FOREIGN INVESTORS. THE OWNERS OF HANDYMAN S ARE ZAMBIANS. IT IS A MATTER OF WHO S FOOLING WHO. LOL
I always enjoy reading comments of a frustrated group of well-wishers here to a man who will never be – you know what …!
A devil is a devil whether good or bad u still oppose coz that’s yo nature……..
HH or any other Opposition party will never be there (In state house) mark my words. Wait for 2016 and wait forever……
upnd u don’t have breaks that’s y u cant stop at state house coz its forward y stopping so 2016 walla
FDD: wala nothing much
Mdd: sorry an ex is an ex
Narep: mp is better for now
Etc……
100%|$ bauze boi pantu there leaving in fantacy ba upnd, anyway u wil stil cry and show yo agry faces next yr and even boycot the inauguration ceremony like u did in january…. HH wil neva rule this country mayb u need to go for convertion and choose GBM