THE monitoring mechanisms in the financial sector set up by the Government are not meant to stifle foreign investment but enhance the investment opportunities and planning purposes, President Sata said.
The president who was speaking to a group of prospective investors at a trade forum organised by the Zambian Embassy in Beijing and China Non-Ferrous Metals Mining Company (CNMC), allayed fears the monitoring of the financial sector would endanger foreign investment as it was meant to protect local and foreign interests.
“Zambia has a liberal economy were import duty on most heavy equipment has been removed to encourage investment while our corporate tax is low,” he said.
The president was making reference to the recently amended Bank of Zambia (BoZ) Act which among others ams at halting illegal capital flight through.
Mr Sata however, bemoaned the small percentage of Zambia’s exports to China adding that the country was ready to work with China in areas like large scale agriculture prospects in order to benefit from the large import market.
“In Zambia we don’t look at what nationality a person is but the ideas they bring. We have no ill feelings for foreigners and the association between the countries is rewarding,” Mr Sata said.
He encouraged the Chinese business executives to visit Zambia and intended areas of investment saying the beauty of the country lay in its diversity.
The president also witnessed signing ceremony of Memorandum of Understanding that will see Chinese companies set up bases in the Chambishi multi-facility economic zone which is the first to be pioneered by China in Africa by the Chinese government owned mining conglomerate CNMC.
The 12 companies will bring among things state-of-the-art smelting technology meant to provide subsidiary services to the US$2 billion Chambishi Copper smelter which has been CNMC’s largest offshore investment.
In extending the invitation to investors interested in setting up a national airline, Mr Sata said Zambia was a springboard to the entire SADC region which would bring benefits with entry of a national airline.
“I was looking forward to meeting investors interested in helping us set up a national airline,” Mr Sata said.
The president who was on a seven-day state of China lhas left Beijing with his delegation that included his Press aide George Chellah, three Cabinet minister and other senior Government officials.
Mr Sata’s visit which included talks with his host President Xi Jinping and Prime Minister Li Keqiang was described as fruitful after the signing of six bilateral agreements which would provide concessional loans and technical assistance from China to Zambia.
