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.
Ba Mwineeeeee!
Yawn……..nonsense
Mr. President, welcome home. We love you.
welcome back home shikulu..God bless u
PF you are kicking yourselves in the nuts. Why would you ask somebody where he is taking his profits? The PF muppets in London are being asked about the same. And Ukwa in China is being asked about the same. And when we told you that it will scare away investors you didn’t want to believe us. We live in a world of mobile capital and those who want to relive KK’s voodoo economy will be left behind.
Good move and well done in China but PLEASE fire Hon. Munkombwe for insulting the integrity of many Zambians whom he is meant to serve as soon as you set foot.
Bangwele imwe!
Our president
What a fruitfull outing
I thought the Minister of Finance is the brians in PF. How then does he put his signature
to these destructive instruments? (or are they Mr. Chikwanda’s ides in the first place?) Lest we forget, at one point he held this same portfolio in Kaunda’s cabinet – and we all know where that led – an impoverished nation.
Foreign exchange controls do not work.
WELL DONE MR PRESIDENT AND TEAM AND WELCOME BACK HOME. YOU ARE A WORKING TEAM.
Congratulations PF on your economic policies
LOVE YA
Chinese infestors are now suddenly Investors. National Airline cannot be owned by out siders. If so, it is a private airline
“In Zambia, we don’t look at what nationality a person is, but the ideas they bring”. I would really be interested in all intents and purposes, to know where the President’s bellicosity rhetoric against the Chinese nationals resident in Zambia went to. I’m not anti or pro Chinese per se, its just that I have a right to know of my Head of State’s consistency, in matters that pertain honesty and integrity. This principle of championing falsehood in order to win votes only to make a U turn after attaining the objectives, in not on. The President should explain this bizarre paradox
The President has really shown his commitment to tranforming the country by promoting trade and investment wherever he goes. Zambia is on course to achieve high economic growth looking at the socio & economic programmes the PF Government has put in place. For the last 20 years the MMD corrupt government were rehabilitating roads build by the Unip government without opening any new areas. The PF Government is constructing new roads which are opening up the country for more trade and investment, thereby encuring that growth has the necessary trickle down effect. Viva PF, Viva Sata
There are no new roads, these road are old except that they were not tarred or serviced.
But seek ye first the kingdom of God and his righteousness and all these things shall be added unto you