Lusambo pleased with Lungu’s trip to China

MMD Youth Secretary Bowman Lusambo

The opposition Movement for Multi Party Democracy (MMD) Youths have suggested that Zambia urgently reviews all laws pertaining to foreign investment with the aim of aligning them to the vision of economic emancipation of all Zambians.

And the MMD Youths have observed that the US$ 1.5 billion investment pledges from China in key economic sectors in Zambia is a positive move.

MMD Youth Secretary Bowman Lusambo has told QFM News in a statement that if that investment is realized, it would go a long way in addressing some social and economic challenging facing the nation.

Mr. Lusambo says Zambia is in dire need of foreign investment to propel its development processes.

He notes that looking to the Far East and to China in particular as a viable option for Zambia, then MMD Youths have applauded President Lungu for undertaking such an important investment promotion tour.

He says China is a key and strategic allay in Zambia’s development and he believes that the presidential trip to that country will yield significant development for Zambia.

Mr. Lusambo ha however observed that, as much as the country welcomes Chinese investment into Zambia, they wish to caution the Government that it is time we revisited the investment laws that govern foreign direct investment.

He furthermore notes that since 1991, Zambia has been open to foreign investment of all manner and sundry.

And Mr. Lusambo has observed the need for the law to be restructured to ensure that no investment license is issued to any foreign investor who will not incorporate local Zambians in the company ownership.

He says Zambia should emulate countries such as Botswana and Ethiopia that have made their investment laws stringent for the benefit of local people.