Maravi

Integration of foreign investors vital - Banda

Integration of foreign investors vital - Banda
By Chibaula Silwamba
Thursday March 22, 2007 [02:01]

THE economic benefits of the Foreign Direct Investment (FDI) will only be fully realised once the foreign investors are fully integrated in our economy, Vice-President Rupiah Banda has said. And Japanese Ambassador to Zambia Masaaki Miyashita said the macro-economic situation in Zambia is showing a very positive and favourable indicator for economic and social development.

Launching the blue book on best practices on investment promotion and facilitation yesterday, Vice-President Banda said integration of foreign investors into the Zambian economy could open new opportunities for the local entrepreneurs.

"In the last few years, Zambia has taken important strides in attracting more FDI. Inflows grew from US$72 million in 2001 to US$259 million in 2005, representing a 200 per cent increase. This has led to some export diversification and transfers of skills and knowledge," Vice-President Banda said. "However, Zambia has the potential to attract far more FDI and increase its development impact."

The blue book on best practices in investment promotion and facilitation has recommended a ten-point action plan that includes ratification of outstanding bilateral investment treaties and negotiation of new ones.

Others are that Zambia set up the Zambia Development Agency (ZDA), train government institutions dealing with investors in client-orientation, establish the Zambia international trade commission, promote private sector participation in the operation of international voice gateway, install a computerised investor tracking system, organise an investment forum for Asia pharmaceutical companies, establish a one-stop border post in Chirundu and to negotiate new double taxation treaties. Vice-President Banda assured that Zambia would implement the ten-point action plan.

"Among the innovative measures in the book are ten proposals that are practical and can be implemented at a reasonable cost," said Vice-President Banda. And Ambassador Miyashita said poverty reduction through economic growth was the right direction for Zambia to follow.

Labels: FDI

posted by MrK @ 3:41 AM