The Public Accounts Committee has called on Government to seriously resolve the diffferences between Zambia and Canada concerning the Foreign and Investment Promotion Agreement (FIPA).
Speaking in an interview in Ottawa after paying a courtesy call on the Zambian High Commission in Canada, PAC Chairperson who is also Muchinga Member of Parliament Howard Kunda said that a decision has to be made regarding the stalled agreement.
Kunda said agreements such as the FIPA were quite important as they aimed at protecting and promoting Zambian and Canadian investment through legally binding provisions and obligations as well promoting investment.
He said it was for this reason that concerns raised by the Attorney General are attended to forthwith so that the country can begin to reap benefits out of the the bilaterals and friendship with Canada.
According to the Charge D’Affaires Mr. Evaristo Kasunga, Zambia and Canada signed the Declaration of Intent on the conclusion of the negotiations of a bilateral FIPA on 4th Mar h 2013 in Toronto, Canada.
Kasunga said some differences however arose later following proposed amendments raised by the Attorney General relating to taxation.
Currently Canada has a huge investment of more than US$6 billion in Zambia through Canadian mining companies such as Lumwana Mine owned by Barrick Gold Corporation of Canada and Kansanshi Mine in North Western owned by First Quantum Minerals Limited.