‘Investment policy vital’

GOVERNMENT says a proper investment policy is vital for the flow of both domestic and foreign direct investment (FDIs) in the country.

Commerce, Trade and Industry permanent secretary, Davidson Chilipamushi, said that the Investment Act review was a vacuum because it could only be derived from the investment policy.

Mr Chilipamushi was speaking in Lusaka yesterday at the official launch of the study report: ”Investment policy in Zambia” by Consumer Unity and Trust Society-Africa Resource Centre (CUTS-ARC). He said the report will help to rekindle interest to move in the right direction.

And University of Zambia lecturer, Oliver Saasa, said there are no legal laws to distinguish between local and foreign investment. Prof. Saasa said there is need to come up with registration instruments to regulate FDIs.

Prof. Saasa said the export processing zones were appropriate in a liberalised economy and an important aspect to promote investment

Meanwhile, CUTS-ARC regional co-ordinator, Sajeev Nair, said the study, which was initiated in 2001, was done with the aid of United Nations Conference for Trade and Development and Department For International Development (DFID).

He said it was a seven-country comparison report on the developing and least developed countries on investment policy mainly on Asian and African nations. “We tried to compare policies of large and small developing countries,” he said.