Malaysians Keen to Invest in Zambia

Malaysians are eager to invest in Zambia because of the stable investment climate, visiting Malaysian Deputy Prime Minister Mohd Najib has said, according to Times of Zambia.

When he paid a courtesy call in Lusaka Monday on Vice-President Rupiah Banda, Najib said there was investment potential in Zambia and commended the Zambian government for promoting tenets of good governance which lured foreign investors.

He told the Zambian vice-president that Zambia was poised for economic growth following the favourable investment climate and Malaysia was currently reviving the agriculture sector after being in the doldrums for many years.

We had neglected the traditional agriculture and that is what we are working to resuscitate. We have transformed our economy because we have invested much in infrastructure, Najib said.

Banda said the government was eager to learn how Malaysia had managed to transform its economy after years of being in economic doldrums.

He said that not too long ago, the Malaysian economy was not as impressive as it was today.

We want to take advantage of our relationship and get the knowledge of how you have managed. We would want our young people to study in Malaysia, Banda said.

Foreign Affairs Minister Kabinga Pande, Commerce Trade and Industry Minister Felix Mutati, Finance and National Planning Minister Ng'andu Magande and Information and Broadcasting Services Minister Mike Mulongoti were also in attendance.

Banda said that the Zambian government would ensure that the cordial relationship between Zambia and Malaysia were concretised.

He said that it was important that Malaysian investors came to Zambia as that would help improve the country's economy.

Magande asked Najib to facilitate the signing of a double taxation agreement. Once the agreement was signed, he said, investors from both countries would not be subjected to paying tax twice.

He said that an investor would only be able to pay tax either in Malaysia or Zambia and not twice as the case was currently.

In terms of finance we feel that you should facilitate the signing of double taxation agreement so that businessmen do not suffer double taxation when doing business, Magande said.