Zambia has issued a total of 3,000 investment licenses since it liberalized its economy in 1991, Sunday Mail reported on Sunday.

The local newspaper quoted Chalimba Phiri, acting director- general of Zambia Investment Center (ZIC) set up under the Investment Act of 1991, as saying that as part of the government strategy for economic reforms, ZIC facilitates the investment process and monitors the implementation of the investment projects.

At a seminar held here recently, Phiri said out of the 3,000 licenses only 5 have been revoked.

To set up an investment project in any sector of the country one requires to have a minimum of 50,000 U.S. dollars and evidence of finance to cover the project cost.

Investors are required to offer a detailed business plan which shows the sector being ventured into requirements such as employment creation and pledged investment among others.

He said however, that there is a misconception that investors are only foreigners and yet local people could also be and some are major investors.

To promote efficiency, attract more investment and competitiveness in business and promote exports from Zambia, an one-stop-shop will be set up, said the official, adding, this will result in the merger of five statutory bodies--ZIC, Export Board of Zambia, Zambia Privatization Agency, Zambia Export Processing Zone Authority and the Small Enterprise Development Board.

Source: Xinhua