Zambia and Canada have concluded negotiations and signed the Foreign Investment Promotion and Protection Agreement (FIPA) to boost business ties.
FIPA is a treaty designed to promote and protect Canadian and Zambian investment through legal binding provisions as well as to promote and protect foreign investment in Canada and Zambia.This is according to statement released to ZANIS in Lusaka by the Zambian High Commission in Canada.
The Agreement will ensures greater protection against discriminatory and arbitrary practices and enhances the predictability of a market’s policy framework as well as give businesses greater confidence to invest. In Zambia, the Canadian investor asset-base is estimated at over $6 billion, accounting for 20 percent of all Canadian mining assets in Africa.Zambian High Commissioner to Canada Bob Samakai signed the FIPA on behalf of the Zambia government at the Prospectors and Developers Association of Canada (PDAC)’s international Convention Trade show and Investor exchange in Toronto on March 4, 2013.
In his speech, Mr. Samakai said Zambia was looking forward to increased investment arising from the signing of the agreement particularly in priority sectors such as agriculture, manufacturing among other and value-addition to natural resources.Mr. Samakai reaffirmed Zambia’s commitment to providing a conducive environment for foreign investors.
The High Commissioner said the signing of the FIPA agreement has put Zambia on Canada’s list as one of the potential investment destinations for investments.
“Zambia is in a hurry to attract investment from Canada. The FIPA provides a stable legal framework to promote and protect foreign investments by setting out clear rules and an effective enforcement mechanism between Zambia and Canada, “said the High Commissioner.
And the Canada’s Minister of International Trade and the Asia-Pacific Gateway, Ed Fast, said the agreement signed with Zambia and Cameroon were further proof that the most ambitious trade expansion plan in his nation’s history continued to get results for businesses and exporters in that country.
In addition to Zambia and Cameroon, other African countries that Canada had signed FIPA negations with include Burkina Faso, Cote d’Ivoire, Ghana and Tunisia. Currently Canada has 24 FIPAs globally.
Ofcocurse canada is using zambia
How on earth would they sign anything with a corrupt country and condemned nation without seeing the benefits from their end outweighing zambia’s
I would like to check the sanity of the Canadian who agreed to this, he should be sacked
Thanks
This is NEVERS MUMBAS INFLUENCE WHEN HE WAS IN CANADA AS AMBASSADOR..THUMBS UP TO THE PASTOR
Could our journalists please furnish us with more details on this agreement. The devil is always in the detail.
The small print always matters. Its in the small print that neocolonialism is ever embedded. I trust PF is well aware of this. Open stealing is being monitored and blocked and as such money makers, the investors, have resorted to tricks in the language. In the written documents which are usually very long so that by the time you finish reading you become lost from where you started. It crude. In the written text can be trickery embedded, thats the small print. Read those volumes with critical analysis before appending signatures that binds the govt long long term at its disadvantage.
Am sure they wont pay Tax for the next 50 years so says the agreement.
Sign that investors are jittery with the way PF is conducting itself. All investors in Zambia do individually enter into protection agreements with government, this should a backup agreement, lobbied by Canadian companies, probably enforceable in the international courts. See they don’t trust our courts anymore.
Safeguarding the 100% acquisition of lumwana mine. Why ZCCM holdings was forced to sell shares in Lumwana by RB is something I cannot understand.