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Alexander Chikwanda - Listing on the Lusaka Stock Exchange July 2012

Alexander Chikwanda - Listing on the Lusaka Stock Exchange July 2012

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Published by Zambian-Economist

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Published by: Zambian-Economist on Jul 29, 2012
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07/29/2012

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FOR IMMEDIATE USE
REMARKS BY Mr. ALEXANDER B. CHIKWANDA, MP - MINISTER OF FINANCE
 –
THURSDAY, 26 JULY, 2012
THE FUNCTION THIS AFTERNOON OFFERS AN OPPORTUNITY FOR INTERACTION BETWEEN THE PRIVATE SECTORAND GOVERNMENT. I AM SURE WE HAVE ALL NOTICED FOR BOTH REASONS OF CURIOSITY AND INTEREST ASIGNIFICANT PRESENCE OF PEOPLE FROM CHINA NON-FERROUS METALS CORPORATION AND THEIRCOLLABORATORS. I WILL COME TO THAT IN A WHILE.FIRSTLY, LET ME EMPHATICALLY STATE THAT THE PATRIOTIC FRONT GOVERNMENT REGARDS THE PRIVATE SECTORAS
PARTNERS IN OUR COUNTRY’S DEVELOPMENT ENDEAVORS. PARTNERSHIP HAS NORMS AND MORAL
IMPERATIVES. PARTNERS ARE DUTY BOUND TO CONSULT EACH OTHER, A PROCESS THAT OF NECESSITY FOSTERSTRUST AND CONFIDENCE AND NOT LEAST AVOIDANCE OF TAKING EACH OTHER FOR A RIDE.I SINCERELY HOPE THAT I AM NOT BEING UNNECESSARILY UNCHARITABLE IF I ASSERT THAT THE PRIVATE SECTORACTORS IN ZAMBIA HAVE A LONG WAY TO BUILD A TRACK RECORD OF UNASSAILABLE RELIABILITY. WE IN THEPATRIOTIC FRONT THINK THAT THROUGH FREQUENT INTERACTION AND EXCHANGES WE CAN OPTIMISE MUTUALTRUST WHICH WILL ULTIMATELY ANCHOR COMMON OBJECTIVES, FELLOWSHIP AND HARMONISATION OFPERCEPTIONS AND INTERESTS.
THE PATRIOTIC FRONT (PF) ADMINISTRATION’S THRUST IS INCLUSIVENESS AND CONSENSUS, IF AND WHEN
POSSIBLE WE WANT TO AVOID A PROLIFERATION OF REGULATION. WE ARE NOT REGULATION ZEALOTS ANDWE ONLY SEEK RECOURSE TO REGULATION AS A VERY LAST RESORT AND PRINCIPALLY TO PREEMPT ABUSE. FOREXAMPLE WE RECENTLY THROUGH SI 33 DECREED THAT ALL DOMESTIC TRANSACTIONS BE EFFECTED SOLELY
USING THE COUNTRY’S LEGAL TENDER, THE KWACHA. THIS IS INDEED THE PRACTICE IN ALL COUNTRIES EXCEPT
IN COUNTRIES SHROUDED IN SOME ABNORMALITY.AS GOVERNMENT OUR INCLINATION IS TO ACT WITH RESTRAINT, AWARE THAT THE GOVERNMENT HASUNMATCHED LEVERAGE BECAUSE IT CONTROLS THE INSTRUMENTS OF THE STATE. THE STATE IS NOT ONLY THESUMMATION OF INSTITUTIONS IN SOME SPECIFIC GEOGRAPHICAL SPACE: IT HAS EXCLUSIVITY IN TERMS OFMONOPOLY OF LEGITIMATE USE OF FORCE WITHIN ITS GEOGRAPHICAL BOUNDARIES. THAT IS WHY ANY STATECONTROLS ALL INSTRUMENTS OF COERCION ALSO EUPHEMISTICALLY KNOWN AS SECURITY FORCES THAT ISWHY GOVERNMENT DOES NOT PANIC WHEN SOME CITIZENS WITH MISGUIDED AND MISPLACED AGENDA AREVERY VOCAL. SOME OF OUR PEOPLE ACT AT THE BEHEST OF OR ARE TROJAN HORSES FOR SOME DUBIOUSFOREIGN INTERESTS.WE WILL LISTEN TO A DIVERSITY OF VIEWS EVEN HOSTILE ONES. AT THE END OF THE DAY PRIMACY WILLALWAYS BE ASSIGNED TO THE SAFEGUARDING OF THE INTERESTS OF THE ZAMBIAN PEOPLE IN TOTALITY.NOW, LET ME TALK ABOUT CHINA NON-FERROUS METALS CORPORATION. WE WANT TO CONGRATULATE ANDCOMMEND YOU FOR LISTING ON THE PRESTIGIOUS HONG KONG STOCK EXCHANGE IN A WAY WHICHHIGHLIGHTED ZAMBIA AND SIGNIFICANTLY DISPELLED DOUBTS ABOUT OUR COUNTRY AS A CREDIBLEINVESTMENT DESTINATION.THE INITIAL PUBLIC OFFER OF $300 MILLION FOR PROJECTS IN ZAMBIA WAS AN IMPORTANT ACHIEVEMENTMORE SO THAT THE LISTING REPRESENTED THE FIRST AFRICAN ASSET ON THE HONG KONG STOCK EXCHANGE.IT IS GRATIFYING TO LEARN THAT MORE SIGNIFICANT RESOURCES WILL BE RAISED ON THE SAME STOCKEXCHANGE FOR INVESTMENT IN ZAMBIA. THIS WILL ENTAIL CREATION OF THOUSANDS OF JOBS, AN URGENTAND COMPELLING NEED FOR OUR COUNTRY.WE HOPE, AND EXPECT CHINA NON-FERROUS WILL BE IN THE FORE FRONT OF THE CORPORATE SOCIALRESPONSIBILITY PARTICULARLY AS THAT RELATES TO IMPROVED WELFARE OF THE WORKFORCE, THAT WAY YOUWILL HELP REINFORCE THE AGENDA OF THE PATRIOTIC FRONT. OUR PRIMARY DUTY AND IRREVOCABLEMANDATE IS TO BE CUSTODIANS OF THE INTERESTS OF OUR PEOPLE. THIS MEANS WE CANNOT WATCH WITHINDIFFERENCE THE RIGHTS AND DIGNITY OF OUR PEOPLE BEING BRUTALISED. EQUALLY THE ZAMBIAN WORKERSARE ENJOINED TO EMBRACE RESPONSIBILITY AND DEVELOP A SENSE OF DUTY TO THEIR COUNTRY.

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