Kitwe Mayor Christopher Kang’ombe has disclosed in an interview that the council had been engaging investors and inspecting their premises to check compliance levels as stated in the Zambia Development Agency (ZDA) Act.
He has directed all foreign investors to ensure they follow the ZDA Act and avoid being in conflict with local businesses.
Kang’ombe has observed that many foreign investors in Kitwe do not meet the $250, 000 threshold worth of investment required for foreigners to be given trading licences in Zambia.
“We started engaging investors last year because according to the ZDA Act, for one to be given a licence to invest in a country, you need to commit US$250,000 worth of investment,” Kang’ombe he said.
He said the local authority was not interested in foreign investors with small businesses but those that would add value to the country’s critical sectors of the economy.
Kang’ombe said foreign investors had agreed to do large commercial activities as opposed to trading in compounds and competing with the local businesses.