Zambia reassures foreign investors

Wednesday, 19 November 2008

Foreign investors have been reassured that the death of Zambian president Levy Mwanawasa will not lead to a change in economic strategy.

Acting president Rupiah Banda said he would continue the economic policies championed by his predecessor, which had led to unprecedented national growth. ‘We welcome all foreign investors for as long as they obey the laws of our country and protect our people and the environment,’ he said.

Banda added that foreign investors would be protected as their money generated wealth and jobs for Zambia,Africa's biggest copper producer.

‘These policies have made us one of the most stable countries on the African continent,’ he added. Banda had defeated finance minister Ng'andu Magande to become the Movement for Multiparty Democracy's candidate for elections at the end of October.

This had raised fears over the position of Magande in any future government. Opposition Patriotic Front leader Michael Sata is expected to run against Banda. He has welcomed Chinese investment in the country's mining industry.

Mwanawasa, who had led Zambia since 2002, died in a Paris hospital on August 19. He had been receiving treatment there since suffering a stroke in June.