Maravi

Sichinga calls for policies to safeguard local markets

Sichinga calls for policies to safeguard local markets
By Florence Bupe
Tuesday May 29, 2007 [04:00]

FORMER Kafue member of parliament Bob Sichinga has called for the strengthening of industrial policies in Zambia in order to protect the local market against unbeneficial foreign investments. In an interview, Sichinga reiterated that there was need to ensure that the concerns raised at the recently held African Development Bank (ADB) meeting in China were addressed. During the meeting, ADB president Donald Kaberuka charged that China’s trade with Africa had continued to be one sided, with China benefiting more from investments in Africa.

“The views raised by African countries on unbalanced trade with China are very genuine and need to be seriously addressed. Actually, it is not only China that is exploiting the Africans, and Zambian markets in particular. All the super economies need to be scrutinised,” he said.

Sichinga, who is also an economist, said Zambia’s decision to rely on China for trade development was unwise, and advised that the country should put in more to ensure that there was mutual benefit from foreign investments.

“Many African countries, including Zambia, felt that they were disadvantaged by super economic powers like the US (United States of America) through certain trade agreements, but moving to China in a quest for trade developments is like moving from a frying pan into a flame,” he warned.

Sichinga said the government needs to come up with measures that would ensure mutually beneficial developments such as sustainable employment opportunities.
However, he emphasised that Africa as a whole, and Zambia in particular should not blame China for their economic policy shortcomings.

Labels: ADB, CHINA, LOCAL MARKETS, ROBERT SICHINGA

posted by MrK @ 5:16 AM