Zambia’s efforts to develop its economy with less dependence on direct foreign investment should be encouraged to make the country self reliant even in times of developed nations withholding funding to the country.
Mr Bob Sichinga who is an economist and a minister in the Mr Michael Sata’s government said foreign direct investment should not replace Zambia's efforts to develop the country. As there are potential risks in doing so.
Mr Sichinga observed while speaking recently during the Zambia and Netherlands business seminar dubbed Doing business in Zambia that local investment had not been fully supported adding that the Zambia Development Agency had in the past focused on promoting Foreign Direct Investment at the expense of local investment.
He said that "We do need FDI but we do not want FDI to replace our own efforts. It is sad that when such a forum is organised, it is the same faces that come. I would like to see new faces; faces of those small entrepreneurs on the street because they are the ones we want so that we can create more jobs for the Zambians."
He urged foreign investors to create partnerships with the locals and that the PF government seeks to take a win win approach on FDI. The government would ensure that all investors coming into Zambia upheld and respected safety and labour laws. The Zambian government would not allow foreigners to come and invest in sectors that could be taken up by locals.
Mr Sichinga said that almost all the sectors of the economy are open to investment however, I want to also advise you that I'm reviewing the situation based on the CEEC law of 2006 where specific sectors will be restricted to Zambians only. I don't want to see any foreign investors at the markets cooking inshima for our people that we are going to restrict to Zambians.
Mr Sichinga warned that his government risked being voted out of office if it makes the mistakes the former Movement for Multiparty Democracy made when in power. Despite Zambia's good economic performance in the last few years, the previous government had challenges of ensuring that economic growth trickled to the grassroots.
He said that Zambia has managed to maintain single digit inflation in recent years and in 2010 achieved a GDP Growth rate of 7.6% while this growth has been good and deserve to be commended, we are also seeing a situation were development is bypassing Zambians. One of the reasons the MMD was voted out of power was failure to ensure growth economic growth benefits all Zambians. The PF government will also be out voted unless we can make a transition to a stage where the Zambians can also benefit from the growth that is taking place.
Earlier, speaking at the same meeting, Netherlands Ambassador to Zambia Mr Harry Molenaar bemoaned the low trade and investment corporation between the two countries which according to him the Norwegian delegation was the first ever trade and investment mission to Zambia since the country's independence in 1964.
He said that the visit marks a transition in our bilateral cooperation that goes leaps and bounds of course. We move from the tradition donor type of relation which has been a predominant feature of our relationship with Zambia into a development relation. The 12 member delegation was in the country to explore opportunities in the country's construction, agriculture, and manufacturing sectors.
(Filed by Mr Kapembwa Sinkamba SteelGuru Correspondent Zambia)
