4 February 2013

Zambia: Some Businesses Must Be Left to Zambians, Proposes Pacra

THE Patents and Companies Registration Agency (PACRA) has proposed that doing business in certain sectors of the economy must be left to Zambians only.

The agency's public relations officer, Vaida Bunda said in Lusaka at the weekend that, PACRA had proposed in the Companies Bill that certain sectors in the economy, the micro and medium entrprenuers (MSMEs) should be left to Zambians as a way of empowering local entrepreneurs.

"We are proposing in the Companies Bill that certain sectors of the economy must be left to Zambians only," Ms Bunda said.

PACRA further proposed that if foreign companies wanted to venture into sectors which were meant for Zambian entrepreneurs, they would be only way would be by forming partnerships with the local firms.

Ms Bunda who could not state the specific sectors which should be left to Zambians said, Government was expected to issue a Statutory Instrument (SI) which would be able to state the exact sectors which would have to be left for Zambians only.

She said there should be a clear distinction as to what a locally owned company was and what a foreign owned company was based, hinging on the origin of shareholders.

Ms Bunda said currently, there was no clear distinction as to what a local and foreign firm was.

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