Zambia's new leader pledges to protect interest of foreign investors

Zambia on Sunday held an inauguration ceremony to swear-in the country's sixth president who has pledged to protect the interest of foreign investors.

The inauguration ceremony, attended by regional leaders as well as other dignitaries from foreign countries, saw Edgar Lungu being sworn-in as the southern African nation's new leader to succeed President Michael Sata who died last October.

Lungu, in his maiden speech after his swearing-in ceremony presided by acting chief justice Lombe Chibesakunda assured foreign investors that their businesses will remain safe under his administration.

"To local and foreign business, let me assure you that your investment shall remain safe on my watch and we shall try as much as possible to balance your interests against our people's interest," he said during his maiden speech delivered to hundreds of Zambians who attended the ceremony at the ultra-modern National Heroes Stadium in Lusaka, the country's capital while others followed the proceedings on state broadcaster, the Zambia National Broadcasting Corporation.

The new Zambian leader further said his government was open to dialogue with mining companies on the new mining tax regime which has irked mining firms with some threatening to halt operations, adding that his government's desire was to ensure a conducive environment for private sector growth.

While acknowledging the importance of the mining industry to the country's economy, the Zambian leader pledged that his government will step up measures to diversify the economy and explore more ways of earning more money from other sectors such as agriculture.

The mining industry accounts for about 70 percent of the country's foreign exchange earnings.

According to him, his government has come at a crucial time when the global economy was headed for a gloomy, adding that there will be need to not only tighten belts but a radical re-thinking in the way of doing things.

"I become president at a time when the outlook for the global economy is gloomy. The World Bank has downgraded the global GDP growths from 3.5 percent to 3 percent. There will be need not only for belt tightening but for radical rethinking of the way we do things. It cannot be business as usual," he added.

Meanwhile, the new Zambian leader has called on all stakeholders in the country to uphold the spirit of unity and avoid tribalism sentiments, which he said had the capacity to cause civil strife.

He said it was unfortunate that the campaigns were characterized by tribalism and regionalism from some political leaders, adding that such behavior undermines the principle of togetherness upon which the country was founded.

"We must never forget that the freedom we enjoy in Zambia was achieved at a great sacrifice by our founding fathers. Those pandering to tribalism and dividing our people are working against the great sacrifices our forefathers made," he added.

Analysts had said the voting pattern was characterized by regional and tribal voting with the governing party candidate gaining more votes in regions where he hails from while the main opposition leader got more votes from the region he comes from.

Lungu, 58, emerged winner of the Jan. 20 presidential election after getting 48.33 percent of the total votes cast while his closest rival Hakainde Hichilema of the United Party for National Development garnered 46.67 percent of all votes, according to official results released by the Electoral Commission of Zambia on Saturday night. Endi