HH hailed for measures to reduce cumbersome investment licencing procedure
President Hakainde Sammy Hichilema (HSH7)
HH hailed for measures to reduce cumbersome investment licencing procedure*
The private sector has expressed gratitude at President Hakainde Hichilema’s pronounced measures and commitment to reducing the lengthy and cumbersome regulatory approval process for investment licenses, reports *Francis Lungu* .
President Hichilema made an undertaking that his new dawn government will ensure that protracted procedures in obtaining various investment permits in the country are considerably reduced.
Speaking at State House on May 17, 2023 during a press briefing, the head of State said there is need to reduce the time for investment approval in order to enhance attraction for Foreign Direct Investment (FDI).
Previously, an investment licence approval would take between one and a half year and two years or more in some cases.
Nonetheless, President Hichilema’s stance has cheered the private sector as the move will ease the cost of doing business particularly in sectors such as energy.
Reacting to President Hichilema’s pronouncement, internationally renowned energy expert Johnstone Chikwanda commended the head of State.
Dr Chikwanda in a statement noted that the development is aimed at identifying the bottlenecks in the investment licencing process.
He said this is committing to reducing licencing procedure as in most cases the combined approval process across different quasi government agencies could take an average of two years.
“While this cumbersome journey can pass in well developed countries, it is a dangerous drive-way to use for countries which are in a hurry to develop [like Zambia in this case]. The bureaucratic processes which we adopted were mainly bench-marked with countries that are so developed and not in a hurry to develop,” Dr Chikwanda stated.
He noted that the desire by President Hichilema and the new dawn government should be supported by all well-meaning Zambians.
“Therefore, the President’s policy guidance on this vexatious issue will put investors in regulated sectors on a more comfortable drive way,” stated Dr Chikwanda.
