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All parastatals to list on Lusaka Stock Exchange

Filed under: Breaking News,Business |
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REMARKS BY Mr. ALEXANDER B. CHIKWANDA, MP – MINISTER OF FINANCE

WE MAKE A PASSIONATE PLEA TO CHINA NON-FERROUS METALS CORPORATION TO LIST ON THE LUSAKA
STOCK EXCHANGE. IN FACT, WE WISH TO APPEAL TO ALL COMPANIES OF MEANINGFUL SIZE TO LIST ON THE
LUSAKA STOCK EXCHANGE (LUSE). FOR GOVERNMENT OWNED COMPANIES POPULARLY KNOWN AS
PARASTATALS, GOVERNMENT WILL REQUIRE ALL OF THEM TO LIST TO ENHANCE CAPITALISATION AND TO
AFFORD ZAMBIANS A CHANCE TO OWN STOCK. THIS IS AN ESSENTIAL STEP IN THE COUNTRY’S DEVELOPMENT
PROCESS.
LISTING ON FOREIGN STOCK EXCHANGES BY COMPANIES OPERATING IN ZAMBIA HIGHLIGHTS OUR COUNTRY. I
AM NOT EXAGGERATING WHEN I SAY THE LISTING BY ZAMBEEF ON THE LONDON STOCK EXCHANGE HAS HAD
MORE IMPACT THAN WHAT OUR MISSION IN THE UNITED KINGDOM HAS DONE TO PROMOTE ZAMBIA.
THE LISTING IN HONG KONG BY CHINA NON-FERROUS PROVIDES USEFUL INFORMATION TO OTHER WOULD-BE
INVESTORS. IT IS A HUGE QUANTUM LEAP AND GOVERNMENT WISHES CHINA NON-FERROUS ALL THE BEST OF
LUCK. WE LOOK FORWARD TO WIDENING THE FRONTIERS OF OUR PARTNERSHIP. THIS APPLIES TO ALL
COMPANIES OPERATING IN ZAMBIA. THE PATRIOTIC FRONT (PF) AGENDA IS PREMISED ON A CONDUCIVE
INVESTMENT CLIMATE FOR BOTH LOCAL AND FOREIGN INVESTORS.

THAT ERA OF THE ABSENTEE LANDLORDS WHO PROVIDED AN ENABLING ENVIRONMENT FOR FOREIGNERS AND A CRIPPLING ONE FOR LOCALS IS GONE. AS PATRIOTIC FRONT WE BELIEVE A RICH ZAMBIA WITH ENHANCED PURCHASING POWER FOR MOST ZAMBIAN IS THE ONLY EFFICACY AND RATIONALE FOR FOREIGN INVESTORS. PERVASIVE POVERTY IS NOT A RECIPE FOR ECONOMIC GROWTH. ON THE CONTRARY, POVERTY MILITATES AGAINST MEANINGFUL FOREIGN INVESTMENT BECAUSE IT SEVERELY LIMITS MARKET PENETRATION.
I THANK YOU.

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