Government has implored investors around the world to support its strategy of diversifying the mining sector by increasing exploration and develop green field projects.
This will increase Zambia’s net foreign earning apart from improving the living standards of the surrounding communities and the whole nation, says Finance and National Planning Minister Situmbeko Musokotwane.
Musokotwane stated that to encourage investment in the sector, government had restructured the Mineral Royalty tax regime to align with international good practice and in its effort to make the sector more attractive for investment.
He explained that the mineral royalty was also deductible for corporate income tax purposes; and that the Property Transfer Tax rate on the transfer of mining rights held by exploration companies had also been reduced.
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Musokotwane said this on Tuesday in Chongwe at the 2023 Inaugural Zambia Institutional Investors Forum held under the theme “Harnessing Alternative Investment to Drive Economic Recovery.”
“We wish to woo investors to invest in the mining sector to increase exploration and develop green field projects.
“Such move will indeed support government’s strategy to diversify within the mining sector; and will increase the country’s net foreign earning apart from improving the living standards of the surrounding communities and the whole nation,” he said.
Muskotwane emphasised that Zambia had mineral endowment that remained untapped.
Apart from copper, he said, there were other minerals such as Gold, Zinc, Lead, Iron Ore, Manganese, Nickel, Feldspar, sands, Talc, Barite, Apatite, Limestone, Dolomite and Uranium among others.
On the forum, Musokotwane told the investors that it was convened at such a time when Africa and Zambia in particular, needed to push much for productive investment in driving full scale economic recovery.
He stated the importance of team work among different stakeholders represented at the forum in building the economies of African countries.
“The theme is timely, as many countries need to harness alternative investments to set their economies on a higher growth trajectory given the multiple crises arising from Covid-19 pandemic, Ukraine-Russia conflict, climate change and the debt burden,” he said.
The minster reiterated government’s commitment to working with all investors in fostering economic development.
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