Zambia is still a favourite investment destination for foreign businesses, contrary to Chongwe member of Parliament Sylvia Masebo’s statement which alleged breakdown in law and order is scaring away investors, Zambia Development Agency (ZDA) Director General Patrick Chisanga has said.
Mr Chisanga said Zambia had remained an investment destination of choice for business entities from all over the world due to its sound economic policies and a conducive environment.
He said despite the economic challenges the country was going through, there was a steady increase in direct foreign investment in the country as most firms from all over the world were looking forward to investing in Zambia while those which had already established themselves were looking at options of expanding their businesses.
Mr Chisanga said the statements by the Chongwe law-maker lacked evidence as the agency was always engaged in talks for investment opportunities with foreign firms.
He said the fact that more companies wanted to invest in Zambia meant that the country was providing the much-needed conducive environment for investment because no business firm would risk investing in a country full of uncertainties.
“We do not have any evidence of investors shunning Zambia or already established investments folding up their businesses due to the hostility of the business environment. On the contrary, Zambia is flooded with investors coming from all over the world because they have confidence in this country that their businesses will flourish because of a good environment we have.
“We have a flood of investors knocking on our doors every day. These are both new investors seeking to exploit the investment opportunities the country is offering as well as old investors who want to expand their businesses because they are assured that their investments are secured,” Mr. Chisanga said.
He also observed that Zambia had registered accelerated foreign direct investment from March to the second quarter of this year compared to what the country registered in the same period last year.
“We had reduced number of investment coming into the country during the period of presidential by-elections in January but this is normal. This is happening everywhere around the world when you are in a period of an election because of the uncertainties in terms of what the business environment would be after the elections.
‘‘Investors seem to have a wait-and-see attitude but this is normal in business because you want to ensure that the resources you pump into your business do not go to waste.
“But the period between March and the second half of this year has seen more investment than what we had last year as more and more companies now want to do business inflows here in Zambia even in the wake of the economic challenges and this shows you that the business environment is conducive,” he said.
He said the ZDA was overwhelmed by the response it was getting from it was getting from businesses across the world towards its planned international investment conference.
“I can tell you that right now, we are trying to organise the International Investments Conference in a couple of months and the response we are getting from foreign countries is so overwhelming and this goes to show what picture we are portraying to the world about doing business in Zambia. I can emphatically tell you that the business environment in Zambia is very good,” he said.