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.
Zambia does not need investors…..Investors need Zambia
“China is a communist State but the best Mercedes Benz comes from China.” The guy has never driven a Merc from Germany to claim that.
We need each other,we have the resources,they have the money,now your mentality Musokotwane is that of a begger.They desperately need our resources
We should not scare investors. They should also not scare us by shooting at us with shotguns like what happened in Southern Province
we all know why RB and his croonies are falling all over themslves to protect thess “infestors”,its because they fund MMD.mutubepe ba musokotwane??we want windfall tax dontch ifyabupuba fye atase.what good is kcm listing on the london stock exchange when the average cooperla wont see any trickle down effect??i agree with #1,screw the imperialst “infestors”!
Mr Musokotwane, before you accuse the opposition of scaring the investors, consider the effect on investors when aid donors are told by the president to pack up their bags and leave Zambia. Some would-be investors will think twice before they decide to come to our country lest they too are asked to pack up their bags.
WHICH INVESTORS?…the one’s shootn people n the heads?
Dr Musokotwane, read Professor Chirwa’s article in the Post online. Your government has taken a very narrow view of the issues. Out here, everyone laughs as Zambia’s lack of leadership on the matter of investment in mining. Surely, it is ok for us to continue suffering like dogs when our land has wealth below? Is it Dobo or lack of respect for human kind? I wish the University that gave you the PhD could rescind the decision. You are an embarrasment to the educated. Or was it from Matero University?
Chinese may produce fake spare parts for cheap cars but certainly does not manufacture Mercedes Benz, assembling yes, but thats another story!!
Ati, dont scare the investors.. tsss tsss…. especially those that unrinate on sleeping Zedian workers or the trigger happy china men!
this musokwatwane is just another pun.k.
I remember, at the height of the Angolan Civil War when my boss a Briton decided to get a job there. I told him that there was a war there, and he told me there will be no time when there will be no war in the world so this would not stop him from making good money.
I am still reminded of the story from MUVI TV news of the Garden compound residents who apologized to the police for virtually destroying the police station. They apologized because after they (in a mob btw) destroyed the police station, crime sky-rocketed.
This is what I talk about when I say get away from PF mob psychology. You may think they are “infestors” now but once you measure what you have actually lost if you (in a PF mob) chase away the investors, you’ll realize that you are actually worst off than when they were around.
The issue is not to chase away the investors but to dialogue with them. Reach agreements on concerns you have with them and also let the rule of law prevail and not PF mob psychology.
are they really “investors” or land grabbers with a small price to pay?
surely ba minister you could have asked KCM why the can’t list on lusaka stock exchange.
hell you should also expalin why govt can’t sell off their parastatals on the LUSE, we also need Zambian investors and zambian capital
I dont know if those who become leaders in african countries & Zambia particularly are ok mentally.We should find out maybe foreign investors have juju or kolyokolyo to confuse leaders in Africa coz its very difficult to understand y its only those in government who have different views on real issues & against patriotic suggestions from members of the public.PHD to stil be worshiping foreigners at the expense of ur onwn pipo?pipo know that the world is a jungle for survival but y its leaders who continue to betray own pipo?And where our leaders derive pressure-its difficult to understand,listing on LSE,its normal coz profits are also externalised to Lodon.Get more involved in business u f.olish leaders,dont trade sovereignty of the country.BAFIKAMBA..MWEFIPUBA..njikateni…atase..VIVA Z
Are you sure????? “Some of our friends are saying Chinese infesters instead of investors. China is a communist State but the best Mercedes Benz comes from China. If you said that in stuttgart they would probably think you are insane.
Bo Musokotwane, we are not in Zambia to wait for foreign investors to come a rule over us! Whether they are Creeks, Italians, Cypriots, Zimbabwean, South Africans, Congolese, Lebanese (yes we even had those!), Senegalese, Nijas- even the Chinese we have seen them all (along the Tazara route) there are off springs to show for it! In Kitwe, in the early eighties—we saw an influx of ama senene- where are they now? The married our women and some Zambians even pimped for them! Even those that married our local women- they disappeared! Where are we? Still in Zambia! And these nouveau riche Chinese will still leave us in Zambia where our children will be born! Even this mMinister will one day leave us and go to Barotseland and we shall remain in Zambia! We are Zambians! PERIOD!
How dare the finance minister talk about ‘scaring away investors’ when he is giving away the store???
I will stop ‘scaring away investors’ when he stops acting like their servant.
Let me share my views on the windfall Tax.Am not siding with anyone and this is after a lot of thinking about the issue. Am non partisan. I think what the government is doing for now is the right thing and this is why. We need these investors to invest in our country if we are going to develop. They have the money and capital equipment to do the job. When these people invest they create jobs for our brothers and sisters who in turn spend the money with our local businesses who in turn develop and grow their businesses. Imagine those investors are not there what would happen? we need to create an environment that will attract them to come to our country. What the government is doing is one of the methods which can be revised at a later stage.What happened in the 80’s? To be cont”d no…
In the 80’s mines were closed alot of people lost their jobs. The government lost a lot of revenue by the way I was on the copperbelt them. It was very sad to see people without jobs who did not know what to do to take care of their families.The mines were still there but no one had the capacity to develope them.
Even rich country lobby for investors because they know on their own they can not manage. What is the president of the US currently doing? Going around Asian countries to lobby for business. Why? Am sure your brilliant minds have an answer to that! When you are starting something you have to start from somewhere in this case we are looking at Zambia’s development. Along the way mistakes will be made and you amend as you go and eventually you get there and do as you wish. No…