More foreign oil companies expected to invest in Zambia-Yaluma

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Commerce Minister, Christopher Yaluma being served by Mrs. Delphine Mundia, Second Secretary – Personal Assistant.
Commerce Minister, Christopher Yaluma being served by Mrs. Delphine Mundia, Second Secretary – Personal Assistant.

Government has disclosed that more British companies have shown willingness to invest in the oil industry in Zambia.

Minister of Commerce, Trade and Industry Christopher Yaluma said this in an interview with ZANIS at Copthorne Tara Hotel in London today.

Mr. Yaluma said following the launch of oil exploration project in Luapula and Northern Provinces by Tullow Oil, a British company, more foreign oil exploration firms are eager to invest in the energy sector.

He observed that Zambia still has oil blocs which are not yet committed to potential investors and as such the country is ready to receive investment in the oil sector.

Mr. Yaluma revealed that oil exploration by Tullow Oil has indicated positive results so far and government is hopeful that the outcome of the project will be a success.

The Minister has since assured foreign investors that government is harmonising investment policies so as to protect their investment in Zambia.

He said with consistent and predictable policies in place, Zambia will attract more foreign direct investment from potential investors.

And Mr. Yaluma, who is in London for the Commonwealth summit, said Zambia will take advantage of the business forum to woo investors from the other commonwealth countries.

The Minister said the Commonwealth business forum is vital to member states because it brings together business experts and players to share best practices of sustaining trade and investment in the Commonwealth countries.

Mr. Yaluma said Zambia is therefore determined to grow the Small and Medium Entrepreneurs (SME’s) in order to boost economic development in the country.

He also explained that government wants to see a vibrant SME sector as it is key to job creation and economic growth.

Mr. Yaluma is part of Vice President Inonge Wina’s high profile delegation at this year’s Commonwealth summit which starts tomorrow April 16, 2018 in London, United Kingdom.

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18 COMMENTS

  1. “Invest” is the magic word. They mean to come and tap into some kind of value.

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    • I’m afraid that’s true. Real investment can only come from natives because only they understand and feel the true needs and benefits of their country.

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    • They mean to leave us poorer, as they walk away richer. It’s happening all the time.

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    • It’s supposed to read ” to invest in oil exploration” and not the oil industry. I have been able to connect the dots between oil exploration in Northern Province and a major political event which has occupied visitors to this site for a while but I will not disclose just now.

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  2. In all honesty its an insult to PF backbenchers that this empty tin Christopher Yaluma still has a ministerial portfolio to oversee

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  3. Yaluma is indeed hopeless, he was inbed wining and dining with the mining companies when copper was at a all time high , instead of squeezing more concessions out of them……that was the time to get as much out of them for the people of Zambia…

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    • Problem is you would rather blog than offer to serve. Ran the race to Manda Hill. Since there are few with quality that ran the race, you are likely to be appointed in place of this man who is awe struck being Minister.

      Couldn’t he show more than being served?!!

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  4. The oil companies are not coming to “invest ” since we don’t have proven oil reserves. Strictly speaking they’re just coming to prospect .

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  5. We are not interested in planning. We want to see the benefits. There is no need to fill your office with papers or your computer memory with plans.such as schools, hospitals,districts etc.I don’t know when people with start to benefit from all those plans

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  6. HOPE THEY ARE NOT JUST DIGGING OUR GOLD AND DIAMOND …………….REMEMBER THE ISSUE OF MAKING OIL FROM GRASS….BITTEN ONCE SHY TWICE !!!!!!!!!!!!!!!!

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    • Because the local entrepreneurs have no interest or capacity to conduct exploration ventures. Those with money would rather have their money in tax havens than invest in their own country. They would rather spend money on lying to the voters and paying boggers consultants abroad to get to state house.

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  7. Yaluma, left the Ministry of Mines minus clear practical achievements on making Zambians gain something out their minerals. It appears the “nchekeleko”from mining companies got a better part of him that he is still talking about mining companies..etc. WE ARE NO LONGER VERY INTERESTED IN EXTRACTIVE INDUSTRIES, YALUMA is NOW AT THE MINISTRY FOR INDUSTRY AND TRADE, LET HIM TELL US HOW OUR FARMERS AND MANUFACTURERS CAN EXPORT TO S.AFRICA, NEIGHBOURING COUNTRIES INCLUDING THE UK. LET HIM LOOK FOR UK MANUFACTURERS TO COME AND ADD VALUE TO OUR RAW MATERIALS AND EXPORT FINISHED PRODUCTS IN REGION AND COMMONWEALTH, NOT ALL THE TIME EXPORT PRIMARY COMMODITIES!!

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  8. Mr Yaluma you forgot to mention local suppliers and Tasila in particular. PF’s corruption is unprecedented

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