ECONOMIST SAYS ZAMBIA'S MINERAL ROYALTIES WILL SUFFER WITHOUT BROADER SUSPENSION OF 15 PERCENT EXPORT DUTY

Economist Naylor Kopakopa has warned that Zambia may not reap the full benefits of mineral royalties if the government only suspends the 15% export tax for the emerald sector.

Recently, Secretary to Cabinet Felix Nkulukusa announced the suspension of the export duty on precious stones and metals from 15 percent to zero.

While this move aims to enhance local producers competitiveness in the global market, Mr. Kopakopa argues that it may not significantly benefit locals, as many precious mines are foreign-owned.

Mr. Kopakopa is worried that Zambia may struggle to attract investors until the export duty suspension is extended to other minerals, such as copper, which is targeted to reach 3 million tonnes in production.

In contrast, Emerald and Semi-Precious stones Mining Association of Zambia -ESMAZ President Victor Kalesha has praised the government's swift response to the 15% gemstone export tax, saying it has saved the gemstone industry from potential collapse and demonstrated the government's commitment to creating a conducive business environment.

By Lukundo Nankamba

 PHOENIX NEWS