Maravi

Sakeni cautions govt over dependency on foreigners

COMMENT - " in Zambia we don’t have big financial institutions where we can borrow huge sums of money like $50 million. Otherwise we could also borrow and make it in mining.” " Maybe the only 'foreign investors' the government should think about attracting are commercial banks. :)

Sakeni cautions govt over dependency on foreigners
Written by Ernest Chanda
Thursday, April 16, 2009 2:31:09 PM

FORMER Luapula province minister Kennedy Sakeni has cautioned the government against believing in foreigners as economic saviours.

In an interview, Sakeni said parliament’s amendment of a clause in the mines and minerals development Act which empowered Zambians to have 100 per cent rights in the mining of industrial minerals was done in bad faith.

He said a lot of people in government had a miscoception that only foreigners could develop the country.

“This issue of believing too much in foreigners is taking us nowhere. In fact, no one should say Zambians don’t have the capital to develop the mines, no. The fact that Zambians have land and minerals is enough capital in itself,” Sakeni said.

“All these foreign investors should do is sit with Zambians who own mines, discuss and partner so that the benefits go both ways. A foreign investor is no special human being than we are. For example, I have partnered with some foreigners in the running of Luapula Base Metals Limited, a joint venture with Genesis Procurement. And the business is running well.”

Sakeni said Zambians should not be underated in terms of having capacity to mine industrial minerals.

“A Zambian should not be underated. There are many men and women who are trying with their little input and they are making it in mining. All that is needed is government to give the same incentives as they are giving to foreign investors. Land is more important because it can be translated into capital. The fact that a Zambian has land means that he already has the capital. So, foreign investors should just approach Zambians with the land capital and partner with them,” said Sakeni.

“ In fact, even these so called foreign investors just borrow money where they are coming from. It’s just that in Zambia we don’t have big financial institutions where we can borrow huge sums of money like $50 million. Otherwise we could also borrow and make it in mining.”

Parliament, during its last sitting, amended a clause in the mines and minerals development Act that gave Zambians 100 per cent rights in the mining of industrial minerals such as sand, gypsum and phosphates. This was done to allow foreign investors to take part in mining of industrial minerals.

Labels: KENNEDY SAKENI, NEOCOLONIALISM

posted by MrK @ 1:32 PM