VEDANTA NOT KEY TO ZAMBIA’S DEVELOPMENT – MOURINHO
….as he questions Government measures put in place to compel Vedanta to fulfil its promises
Lusaka… Friday, September 22, 2023 ( Smart Eagles)
The Socialist Party has tasked Government to state measures it has put in place to ensure Vedanta Resources fulfils its commitments as it takes over Konkola Copper Mines.
Among the promises Vedanta made are that it will invest $1 billion dollars towards KCM development and Pay $250 million toward clearing debt owed to contractors and suppliers.
Speaking on Let the People Talk, Party Deputy General Secretary Antonio Mourinho Mwanza said the country must know how Vedanta will dispose off its commitment because it has a history of making fake promises.
“One billion dollars sounds like it is a lot of money but how much money will they make in those five years,” he said.
Meanwhile, Mr Mwanza has emphasised that Zambians need to start owning the modes of Production, Capital and Access to Banking and Finance if the Country is to have meaningful development.
Mourinho said Zambia is not going to develop because Vedanta Resources has promised to give handouts as is the case at KCM.
And Mr Mwanza said it is unacceptable for the country to have 48 banks of which only two are Zambian owned.
Mr Mwanza said it is for this reason the Socialist Party will make changes to polices that governs the banking and mining sectors.
He questioned the rationale of giving “tax breaks” to mining giants while collecting full tax from the local businesses.
“If we go to Mandahill, how many of them are Zambian owned shops there – where is a Zambian in the business sector…,” he said.
Mr Mwanza has also explained that the economic structure has to change.
He said the country cannot have a situation where all the big contracts are going to few individuals who are politically connected to the Government
He said there is need to be adding value to all the products the country has in all the sectors.
“If our people have jobs, if they have enough disposable income, they will be able to deal with the Challenges even in the health sector.
“We believe that all of us must participate in the Democratic, social and economic enterprising of the nation. The religious leaders, vendors, unions , all these are important sectors that must be involved….small medium enterprises, the first thing is to ensure that regulation of these group has to be reviewed. We want our SMEs to have access to major contracts,” he said.