VICE-PRESIDENT George Kunda has urged British investors to massively invest in Zambia owing to the prevailing stable political, social-economic and cultural environment that is conducive to foreign direct investment in the Southern African country.
Addressing the one-day UK-Zambia Investment Forum at Mandarin Oriental Hotel in London , today, Mr Kunda told the British investors that the country has put in place policies that are aimed at promoting foreign investment.
He said for the last ten years, Zambia’s economic management has been prudent and this has led to a stable macro-economic environment.
Mr Kunda, who arrived from Trinidad and Tobago yesterday after attending the Commonwealth Heads of Government Meeting (CHOGM), said the other attribute that makes Zambia an attractive investment destination is her respect for the rule of law, separation of powers between the three Arms of government and its strong support for an independent press and a strong civil society.
He also said Zambia is a thriving democracy that has enjoyed peace for more than thirty years, thereby making it a suitable haven for capital formation through foreign direct investment.
The Vice-President said despite Zambia having a smaller population than that of Britain, the country is at the centre of eight countries and has preferential market among its neighbours.
He also said as an active member of SADC and COMESA, Zambia has, therefore, a strong regional market and a vast outlet potential for exports to the rest of the world.
Mr Kunda further said to enhance trade and facilitate regional integration, the Zambian government along with its partners in Africa, has embarked on a massive campaign at the North South Corridor pilot Aid for Trade Conference held in Lusaka in April 2009.
He revealed that the conference created strong technical and financial support with approximately 1.2 Billion United States Dollars being committed by cooperating partners to upgrade road, rail, ports and energy infrastructure within the region.
Mr Kunda, however, observed that there are still several other projects and programmes that need funding or strategic partnerships for their implementation such as the 6000 megawatt hydro-electric power generation potential that the country seeks to develop.
He said as a continuation of these efforts, this year’s investment Forum seeks to promote business and investment opportunities in the financial sector, mining, tourism, agriculture and livestock, including infrastructure development and power generation.
Mr Kunda explained that the UK- Zambia Investment Forum is special as it provides the country an opportunity to market projects which are already at bankable stage and also aims at marketing investment opportunities that have already been identified but need to be tapped into.
He said the Forum was happening at a time when the attraction to invest in Africa is at its highest especially that many investors in the developed world are looking up to the continent to provide solutions for challenges such as food crisis and the overall global economic downturn.
Mr Kunda said it was encouraging to note that the United Kingdom and Zambia wish to take their business relationship to a higher level especially after the CHOGM recently held in Trinidad and Tobago.
He stressed that sustainable growth requires a positive and synergetic relationship between markets and people.
Mr Kunda, however, said Zambia, like several countries in the Sub-Saharan Africa, has faced many challenges in the wake of the financial crisis, escalating food and oil prices and the overall global economic downturn.
He said these events induced a significant reduction in exports for several commodity exporting countries on the continent while also triggering the reversal of capital flows to the region.
Mr Kunda said despite this, Zambia is still expected to register positive economic growth at approximately 4.3 per cent at the end of this year as opposed to the 1.3 per cent growth estimates expected for the Sub-Saharan African region.
In an effort t reduce Zambia’s dependence on the export of mining products, the vice-president said Government has devised an economic diversification programme that will enhance competitiveness and foster economic growth.
He said it is for this reason that the country requires the necessary infrastructure and power production to fully support the growth and expansion of the economy.
The one –day UK-Zambia Investment Forum, whose theme is Enhancing Economic Growth through competitiveness, Diversification and Infrastructure Development is being attended by a high-level Zambian delegation that include Commerce and trade Minister, Felix Mutati, Works and Supply Minister Mike Mulongoti, Bank of Zambia Governor, Caleb Fundanga, Finance Bank Chairman Rajan Mahtani, among others including over 100 carefully selected delegates representing UK and European businesses.
ZANIS
Exploitation of man by man
This dude is still abroad? Woow! Am sure as soon as he touches down in Lusaka, his boss will have wheels up!
Iwe nambala wanu. So you want man to be exploited by a Chimp? As for Kunda, I don`t know which Brits he is talking about here. Not the ones I have lived with for all these years. Not the ones who when they look on the map they realise we are neighbours with Bob.It`s nice to dream though. Ati ichiloto ukuwama!
George Kunda, Stable political and social-economic environment and respect of rule of law? Where?
Britain is also looking for investors to invest in the UK.Be careful of what you are asking for VEEP ,otherwise Zambia will be infestered by g-a-y-s.
But you midgets never say no to the g-a-y-s` £37 million they give you each year. Mingers!
Well well well. Let me see, what is this sickness of always wanting someone to ” invest” in Z? You want to develop you have to look out for your own balls man. nobody will do it for you. These brits will end up taking the land again if your not carefull, they know how the african thinks, mwaona monga ni ba chabe chabe, just wait and see.
How I distaste this word: WOOS!Â
What sort investment can Britain bring to Zambia? Retail and Supermarkets?)Tesco, Sainsbury ?
There he goes begging again for investors. No shame. Give Zambians incentives to invest in their own country. He is also delaying Rupiah’s departure from the country. By the way, when is the climate summit in Copenhagen? Rupiah will not miss that one.
Who wrote this speech for this man ? Looks like some sections were lifted straight out of some textbook on elementary business studies. To be honest i skipped a lot of it as i was failing to pick out anything of substance.
And this syndrome of ‘co-operating partners’ .., i also , do not comprehend.
Financial sector , mining , tourism , agriculture and livestock , infrastructure development , power generation….Yes it would be nice to have inward investment in some of these areas, but these things are ours to develop and it is OUR responsibilty to develop them. Why do we always think salvation can only come from outside .? … We must have a serious inferiority complex..!
RB & his ministers are always wooing the so called investors but we don’t see them come to invest in Zed. journalist’s, stop using the word woos because it no longer makes sense to us Zambians
What investors!!!! Akapondo is a rich man give him a chance!!!
WHY CAN’T THESE CHAPS MEET US WHEN THEY PASS THROUGH LONDON SO THAT WE CAN TELL THEM THE FACTS OF LIFE.
What investments are these Chaps asking the Brits to do in Zed?No Brits will come to Zed there is no freedom of life (If you are Gay it is a crime) If you watch or read porno even in the privacy of your house it is a crime, If you say your mind even draw a cartoon of the mighty politician plot 1 it is a crime.No real investor in his right mind will come to Zed.Zambia is a dictatorship with imitations of democracy.
Amazing issues here. I’m very happy to peer your post. Thank you a lot and I’m having a look ahead to contact you. Will you please drop me a mail?