By KASUBA MULENGA
GOVERNMENT has said it was suspicious of foreign investors who externalised all their profits. Minister of Finance and National Planning, Ng'andu Magande, said while Government allowed foreign investors to externalise their profits, it got suspicious when they did not leave any of their profits. He said in Lusaka yesterday that Government got suspicious with the externalisation of 100 per cent profits because it did not know where such investors would get the money from to continue with their operations. The minister said this when the visiting Malaysian investors paid a courtesy call on him at his office.
"Zambia is very hospitable to foreign investors. Any one is free to come and invest in any business and we do not care what they do with their profits except when they externalise 100 per cent of their profits," the minister said. Mr Magande said after getting out of huge debts following the completion of the Highly Indebted Poor Countries Initiative (HIPC), Zambia had reached levels where none of the parameters could threaten the country's economic performance.
He said inflation and bank interest rates had been lowered to better levels and that the country was now in a comfort-zone in terms of economic performance. Mr Magande said Zambia's foreign exchange regime had become one of the most open in the world and that Government was now working on tightening the management of financial institutions to create confidence in the sector.
He also told the team that despite not having its own airline, Zambia could still become the world's centre for communication particularly where investment opportunities were concerned.
And earlier, Mr Magande met the executive directors of the Africa Development Bank Group at which he appealed to the international financial institution to consider helping Zambia develop the entire agricultural sector. He also announced that the bank had given Zambia about US$3 million for feasibility studies on the construction of the Kazungula bridge. The minister said the bank had since 1971 committed itself to helping Zambia improve sectors such as transport, water, health, education and general infrastructure in various parts of the country.
He hailed the bank for its continued support to the development agenda of the Zambian Government since its establishment which had to date committed about US$900 million. Mr Magande said the bank was also supporting some development projects in Zambia like the rural water and sanitation in Central Province and the Agriculture Sector Investment Programme in Eastern Province.
Others include the small scale irrigation project, agriculture marketing and processing project as well as the Lake Tanganyika Integrated Regional Management Programme. The minister said once completed, the Lake Tanganyika project would raise living standards of the people who live around it and result in ending conflict among them.
He also thanked the bank for having written off about US$387 million, which Zambia owed. Mr Magande however urged the bank not to give more funds to Zambia when it asks for more if the savings from the debt write-offs were not put to good use.
And bank's executive director for Belgium, France and Italy, Francesco Pittore, said the financial institution would ensure that it opened an office in Zambia to improve interactions with Government.
posted by MrK @ 3:34 PM
3 Comments:
Why? Give away the store, and obviously the new owners are going to do with the profits whatever they want. Makes sense to me.
So how about nationalizing the mines?
" He also told the team that despite not having its own airline, Zambia could still become the world's centre for communication particularly where investment opportunities were concerned. "
Not without the mines.
"Why? Give away the store, and obviously the new owners are going to do with the profits whatever they want. Makes sense to me."
Again no one knows what they are doing, whats the complaint about?
thats what happens when you give away the bride before seeing whats behind.
Chiluba started getting rid of the mines. However, the MMD under Mwanawasa doesn't see anything wrong with that.
So who is going to replace them?
I hate to say it, but I have been completely disillusioned by the UPND.
The UDA is dead now.
The PF is a one man party, no matter what it's structure on the ground is. Who would replace Sata? Plus, these are still old people, with old ways of thinking.
What is needed is someone who understands business, finance, and who who will fight for Zambia and the people.
Four years to go. I hope someone enters the political scene who is a economic nationalist.
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