Maravi

Government worshipping FDI, observes Dr Ndilila

Government worshipping FDI, observes Dr Ndilila
By Kabanda Chulu in Kitwe
Mon 04 July 2011, 19:30 CAT

IT IS unfortunate that conditions of operating a company in Zambia are skewed in favour of foreigners, says Francis Ndilila.

Giving a private sector perspective on behalf of the Zambia Chambers of Commerce Industry (ZACCI) at the business symposium for SMEs held at the ongoing International Trade Fair in Ndola, Dr Ndilila, who is an architect, said Zambia could only be developed by Zambians if they took the driving seat and steered the country and economy in the direction it is supposed to go.

“People from ZDA might argue that government does not favour companies whether foreign-owned or Zambian in the conditions of operations that they are offered but we all agree that our government, politicians and institutions are worshippers of foreign direct investments and government institutions give maximum moral support to FDI at the expense of local investors,” Dr Ndilila said.

“Actually Zambians go to great pains and great lengths to please the foreign investor on the pretext that they might go elsewhere. It is unfortunate that conditions of operating a company are skewed in favour of foreigners and Zambians come at the bottom of the rank in being given importance of any kind.”

He said locally-owned companies needed long-term and affordable financing to invest in projects that could improve people’s welfare.

“Affordable financing means utilisation of funds to complete projects as well as realisation of profits but this is not happening in Zambia; hence foreign investors are having a field day when they come here because they are subsidising their governments and they are supported adequately through affordable financing,” said Dr Ndilila.

“But Zambian banks are charging too much, which sometimes brings your interest to about 40 per cent so the project for which the money is obtained for is doomed even before it starts.”

Labels: FDI, FRANCIS NDILILA, SMEs, ZDA

posted by MrK @ 3:34 AM