A comparative analysis of the Zamba development agency ACt and the repealed investment ACT of 1993
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Zambia has many attributes to attract foreign direct investment (FDI). Recent export trends mainly spearheaded by FDI demonstrating its great potential have contributed modestly to the much-needed diversification of the economic base and exports. However going by the assessment of its resource potential, Zambia is under-performing and should do better in attracting FDI. The foregoing has largely been blamed on the lack of a comprehensive legal framework. It is against this background that this treatise aims at painstakingly comparatively analysing the ZDA Act and the Repealed Investment of 1993 so as to establish whether the criticism levelled against the repealed law have since been addressed in the ZDA Act. In so doing Chapter one introduces the study and sets out the methodology which was employed. Much of the work was desktop work reviewing legislations and written literature on the subject matter with a few field work such as interviews and questioners. Chapter two delves into the repealed Investment Acts of 1993 in particular considering its brief back ground, the salient features, and for a deeper insight of the issues being grappled with; the weaknesses of the 1993 Acts are outlined. The following Chapter focuses on the Zambia Development Agency Act No 11 of 2006 taking into account of what ZDA is and its cardinal salient features. More also the Chapter considers the efficacy of the various statutory instruments passed pursuant to section 18 of the ZDA Act. namely; the Roma Industrial Park, the Lusaka South Multi-Facility Economic Zone, the sub-Sahara gemstone exchange industrial park and lumwana multi-facility economic zone. Additionally For a deeper insight of the issues being tackled, in the fourth chapter a comparative analysis of the ZDA Act of 200 6 and the repealed Investment Act of 1993 is undertaken highlighting the fact the existing investment law in Zambia is not adequate to deal with the problems faced in promoting both local and foreign direct investment. The last chapter sums up the findings h ighlighting several recommendations on how to improve our investment legal framework. These include sensitisation of the public on the functions of the Agency, decentralisation of the agency to provincial headquarters, the Act must stress more on the quality and relevance of investment unlike emphasise on the amount of investment, and independences of the Agency.
- Law