Bwalya Ngandu

Finance Minister Bwalya Ng'andu

FINANCE Minister Bwalya Ng’andu has urged foreign investors operating in Zambia to consider listing on the Lusaka Securities Exchange (LuSE) to ensure sustainability.

Speaking when he commissioned the British American Tobacco cigarette manufacturing plant in the Lusaka South Multi Facility Economic Zone (LS-MFEZ), Ng’andu said local ownership in the business entity guarantees sustainability as it was a channel through which economic empowerment to the local people was realized.

He said an inflow of Foreign Direct Investment (FDI) coupled with local ownership through equity represented the type of investment that the government would like to see.

“The BAT plant represent the type f investment that we want to see, an inflow of FDI coupled with local ownership through equity since BAT is listed on LuSE. This will ensure that government continues to operate  and provide services through collection of revenue, as well as ensure that Zambian are empowered by owning a stake in the company,” he said.

The Minister said the investment by BAT would contribute to the overall performance of the economy through value addition to the agriculture raw materials

He explained that the agricultural sector would benefit through enhanced tobacco growing as this would provide a ready market for farmers.

He added that government would continue to promote the establishment of various industries in the country in line with the industrialization and job creation strategies.

And BAT Zambia General Manager Kimesh Naidoo said the opening f the factory had created 33 direct jobs for the locals and brought the total direct local employee to 68.

Kimesh said the company is supporting 3500small medium entrepreneurs through merchandising and financial literacy training.