Finance and National Planning Minister Situmbeko Musokotwane has urged opposition parties and others to desist from scaring away investors saying Zambia needs investments from any country.
Speaking during the Konkola Copper Mines (KCM) PLC post Initial Public Offering (IPO) meeting in Lusaka yesterday, Dr Musokotwane said Zambia needed investment from any country and asked some opposition leaders to respect the investors.
KCM would be listed on the London Stock Exchange through a holding company called Konkola Resources PLC.
“Some of our friends are saying Chinese infesters instead of investors. China is a communist State but the best Mercedes Benz comes from China.
“Why did China open up its markets, because they know when you open up you create opportunities,” Dr Musokotwane said.
There was need for a stronger foundation in the mining sector saying in the past, Government did not put up a firm foundation in the sector resulting in the near collapse of mining activities.
In the same way that the Government has allowed investment in the mobile communication sector, it would allow mining activities to take a similar route.
“I am happy that the mining sector is joining this phenomenon in the mobile communication,” Dr Musokotwane said.
[pullquote]“Zambia was listed as a most improved economy and globally as number one for starting a business. Capital flight is from London into Zambia and we are not only stable but will continue to increase our stability,” Mr Mutati said.[/pullquote]
He said investors in the mining sector could make themselves relevant to the Zambian communities by paying appropriate taxes, respecting the country’s laws as well as becoming socially responsible.
“The best way to protect the investment is to become relevant to the Zambian people,” Dr Musokotwane said.
The listing of the mining firm on the London Stock Exchange would result in the marketing of Zambia to the outside world an easy undertaking.
Commerce, Trade and Industry Minister Felix Mutati said by listing on the London Stock Exchange, KCM was showing the world that Zambia was back in the reckoning.
In the month of November, Zambia was globally listed by the World Bank and the International Monetary Fund (IMF) as a top performer.
“Zambia was listed as a most improved economy and globally as number one for starting a business. Capital flight is from London into Zambia and we are not only stable but will continue to increase our stability,” Mr Mutati said.
Government’s role would be to ensure that they created confidence, trust and stability in the minds of the investors by ensuring that a favourable investment climate prevailed.
He said he was happy that from January this year to date, 12,000 new businesses had been registered mainly transforming from the informal sector to the formal.
And Labour and Social Security Minister Austin Liato said since the coming of Vedanta Resources to Zambia, KCM had made tremendous investment in new mining projects such as the Konkola Deep Project, the new smelter, new concentrator and the refinery among others.
Such developments, he said, have had an impact not only on the Copperbelt towns but the entire nation.
“Today, KCM has provided employment to 20,000 or more workers representing 9,600 direct employment and 11,000 indirectly through contractors. I would therefore like to encourage the good development taking place in the mining sector,” Mr Liato said.