Finance Minister Alexander Chikwanda has said investors are increasingly showing confidence in Zambia’s policy direction and its national stability.
Mr Chikwanda said investors and other international partners were reporting satisfaction with Zambia’s policy consistency, national stability and its impressive social cohesion.
The minister said this in London yesterday in a special interview.
He said “Investors perceive Zambia as a good investment destination because of the proven political and policy stability over a long period of time.”
The sentiments are contained in a press statement released by Zambia’s Press Secretary to the United Kingdom, Amos Chanda.
He said investors were attracted to Zambia because its policies were consistent and predictable.
“We cannot put up with policy summersaults as we seek more open ways to engage with the rest of the world,” he said.
He dispelled as grossly misdirected, assertions in some circles that Zambia was moving towards capital controls saying the government had simply introduced monitoring mechanisms to enable the Central Bank capture vital statistics.
“For planning purposes we need to monitor what is produced and the true worth of those goods and services, especially mining exports. The Central Bank simply requests exporters to complete relevant forms for statistical purposes. How does that become capital controls?” Mr Chikwanda asked.
He said Zambia had the most liberal economy in the entire sub-continent adding that investors had special accounts with unfettered access as and when they pleased.
The minister said “we neither have capital controls nor exchange controls… we are a very open economy compared to none on the continent.”
He said that Zambian investors were able to repatriate their profits unhindered as long as they met all the statutory obligations.
Mr Chikwanda announced that government had engaged special consultants to advise the Zambia Revenue Authority (ZRA) on mining production and taxation in a bid to maximise tax collection from the country’s core economic sector.
Mr Chikwanda held consultations with different investors in London on his way from the World Bank/IMF Spring Meetings in Washington DC and he returns to Lusaka tomorrow.
Mr Minster, what assurance is there for us investors that there is an adherence rule of law when the country lacks a substantive Chief Justices? May your administration kindly explain this.
It would be believable if this was been said by the investors. As it is dear Alex , your simply blowing your own rusty trumpet!
Ba LT and other hopeless Zambian journalists Can you see how well written the story above is? Please try and emulate this