Suspension on issuance of investment licenses lifted

 Suspension on issuance of investment licenses lifted

The Minister of Commerce, Trade and Industry Chipoka Mulenga has with immediate effect lifted the suspension on the issuance of Investment License under the Zambia Development Agency (ZDA) Act.

These are Permits for the establishing Multi-Facility Economic Zones (MFEZs) and Industrial Parks (IPs) and Investment Promotion and Protection Agreements (IPPAs) under the Zambia Development Agency (ZDA).Act No. 11 of 2006.

The Minister of Commerce, Trade and Industry late last year on October 29, 2021 suspended the issuance of investment licenses.

Mr Mulenga said this was to allow for a comprehensive review of the issuance process and procedures as well as for consultation with relevant stakeholders.

He said based on the findings, the Ministry has instituted changes to the investment licensing framework in line with the manifesto of the United Party for National Development (UPND).

“Key among the changes are the strengthening of the checklist for applications to improve the quality and levels of investment in the country, promotion of partnerships between foreign director investors and domestic investors, introduction of annual returns and scaling up of aftercare services of companies to improve value addition,” he said.

The Minister said these measures are aimed at underpinning the central message of the Government of the Republic of Zambia of scaling up trade and investment through partnerships and joint ventures to sustainably grow the Zambian economy.

Mr Mulenga said Government through ZDA shall enhance monitoring and evaluation in order to help investors actualize their projected investments and other commitments as per conditions of the licenses.

Alice Nachilembe

Alice Nachilembe is a Journalist who yearns for a better country with leaders being accountable to their mandate without oppressing the governed.