Investors to get ‘VIP’ treatment

THE Securities and Exchange Commission (SEC) and the Immigration Department have signed a memorandum of understanding (MoU) aimed at securing compliance with laws and regulations for investors.
Speaking at the signing ceremony in Lusaka yesterday, SEC secretary and chief executive officer Philip Chitalu said the MoU will culminate into speedy processing of applications from investors.
“When investors express interest to invest in Zambia and they come to invest, as SEC, we want to know if they have a work permit from the Immigration Department in Zambia,’’ he said.
Mr Chitalu said time management is important in the financial sector, and in terms of handling investors, good time management is what determines the inflow of money.
This, he said, was the reason why the two parties decided to process applications for investment on time.
Mr Chitalu is confident that the signing of MoU between SEC and Immigration Department will bring about greater efficiencies in the review of investment application.
He said SEC decided to sign an MoU with the Immigration Department in order to formalise the agreement of how they would work together.
And speaking at the same function, Immigration director-general Mola Milomo said the MoU is important because it will reduce time in which applications for investors are processed.
“This will help the country to benefit a lot from these investors who come to Zambia. There are always benchmarks in investments, and this MoU will help Zambia receive its benchmarks,” Mr Milomo said.

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