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The Investment Act, 1986 of Zambia
Published online by Cambridge University Press: 28 July 2009
Extract
Twenty years ago Zambia was riding a wave of seemingly unstoppable prosperity. Income per capita was the highest amongst sub-Saharan African countries. The high copper prices on which Zambia's wealth was based enabled the government to pursue ambitious social welfare programmes. However since the second half of 1974 the bottom has fallen out of the copper market as a result of recession in most of the copper-consuming countries and technical advances in industry which have reduced the need for copper. In the decade since then Zambia's economy has deteriorated progressively as can be gleaned from these statistics: GDP per capita in constant (1970) prices declined by about 25 per cent, between 1974 and 1983; per capita incomes fell by 44 per cent, during 1974—85 period; the level of real imports in 1984 was only 40 per cent, of the average level in the early 1970s; scarcity of foreign exchange has reduced capacity utilisation to low levels (in the last quarter of 1985 it was estimated that the industrial sector was operating only at about 30 per cent, of capacity and in some individual companies the situation was so serious that some once-thriving factories had had to close down for lack of essential spares and raw materials) and the investment rate fell from 41 per cent, in 1975 to about 12 per cent, in 1984. The expenditure in the public sector for operation and maintenance is underfunded, resulting in marked deterioriation of standards in public services, especially health and education.
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- Copyright © School of Oriental and African Studies 1986
References
1 Kaunda, K. D. (The President of Zambia), State House Press Conference, 4 10, 1985Google Scholar. See also Government of the Republic of Zambia, Reports of the Administrative Committee on Salaries, Salary Structures and Conditions of Service in The Zambian Public Service, Lusaka, 1985Google Scholar; Republic of Zambia, National Commission for Development Planning, Economic Review and Annual Plan, Lusaka, 1986Google Scholar.
2 Kaunda, K. D.. State House Press Conference, 4 10, 1985Google Scholar. See also Mwananshiku, L. J. (Hon. M.P. Minister of Finance, as he then was), Budget Address, 31 01, 1986Google Scholar.
3 Chigaga, G. G. (Hon. M.P.S.C; Attorney-General and Minister of Legal Affairs) in a foreword to the Investment Bill, N.A.B, 7, 1986Google Scholar.
4 See the long title of the Act.
5 S.3.
6 S.8.
7 See Part IV in general on regulation of foreign investment including definition of ‘foreign investor’; s. 15 on the necessity of investment licences; ss.16 and 17 on the detailed procedures for submitting and processing of applications for investment licences and s. 18 on investment permits.
8 See s.23(l). Non-traditional products have been defined as products other than copper, lead, zinc and cobalt.
9 S.23(2).
10 S.24(1).
11 S.26(l).
12 See Cap 668 of the Laws.
13 S.27(1).
14 S.28.
15 Act No. 18 of 1981.
16 S.29.
17 For details on registration of manufacturers see Part VI of the Act.
18See Part VII.
19See s.38.
20 S.39.
21 Cap 674 of the laws. For an important discussion on the repealed Act see Sempebwa, E. F., “Law In the Context of Underdevelopment: A Comment on the Industrial Development Act”, [1975–1977] Zambia Law Journal 7–9, 85Google Scholar; Mukubwa, G. T.; “Was The Industrial Development Act 1977 Necessary? A Comment”, [1975–1977] Zambia Law Journal, 7–9, 139Google Scholar. See also Ailola, A. D., “Foreign Investment: The Law and Policy In Zambia”, LL.M. Thesis, University of Zambia, 1982 (Unpublished)Google Scholar.