Maravi

Government seeking accelerated FDI for mining sector, says Sampa

Government seeking accelerated FDI for mining sector, says Sampa
By Chiwoyu Sinyangwe
Mon 23 Apr. 2012, 13:30 CAT

THE government is seeking accelerated foreign direct capital investment to grow the country's mining sector in which mineralisation mapping is estimated at 50 per cent, says finance deputy minister Miles Sampa.

Sampa said although copper predominated mining activities, which supported by gold production was doing very well, the country could do better so as to optimise investment potential in the sector, which is Zambia's lifeblood.

"More importantly, less than 50 per cent of the country is geologically mapped. This is why we seek more investment in the sector to assure our people of employment and sustainable incomes," said Sampa during a creative connections dinner held at Royal Livingstone Hotel.

"We have the skills and the passion but our mining development programmes are constrained by the huge levels of finance required for such capital intensive ventures. As I look around, I know that the capital required is here among us. To those who can hear me, I say release the capital so that you grow your portfolios by investing in Zambia."

Sampa said despite the skills and the passion, the domestic mining development programmes were constrained by the huge levels of finance required for such capital intensive ventures.

"However, focus on the mining sector alone will not fully deliver governments' promises of job creation, wealth, development and poverty reduction. It is for this reason that we are targeting full-scale economic diversification. To create jobs, do business and improve conditions in which profit is made by the private sector, our vision is to establish an environment in which both local foreign investments will thrive in harmony," he said.

Sampa said to ensure that business was conducted in a predictable environment that assures investors of policy consistency, the government was committed to the rule of law, personal liberties and the well-being of its citizens.

"It is for this reason that we are fighting corruption and rent-seeking. This is because we believe in free enterprise and will do everything permissible to curtail hidden and illegal costs in doing business in our country," said Sampa.

Labels: FDI, MILES SAMPA, MINING

posted by MrK @ 6:23 PM