Foreign investors say the tax hikes under the new code will deter further investment and have threatened to challenge some parts of the regulation in arbitration.
International mining companies are lobbying Kabila not to sign the new code, saying the proposed changes would discourage investment and violate existing agreements. Randgold has threatened to challenge the law through international arbitration.
Randgold is considering launching international arbitration if Congolese President gives his assent to the legislation.
International mining companies, which include Randgold, Glencore and China Molybdenum, have said they will challenge the new law through international arbitration, and are lobbying Kabila not to sign it.
South Korea and the Democratic Republic of the Congo see the need to sign a bilateral investment treaty "as soon as possible" so that Korean companies can develop mines and seaports in the DRC
Pursuant to the ruling of an Irish court, Airbus A320 of Congo Airways, RDC’s new national airline company, is blocked at Dublin airport. The Congolese authorities are not excluding the hypothesis of “vulture fund subterfuge”.
Zambia and the Democratic Republic of Congo have signed a bilateral trade agreement that will see enhanced trade between the two countries
Three remaining contentious issues will be dealt with by next month, according to the Kenyan government, which will be good news for horticulture farmers who have been worried that their market access will be compromised if Kenya loses its privileges in the EU market.
The SADC Secretariat has achieved little progress in getting Angola and the Democratic Republic of Congo to joining its trade liberalisation process, the Free Trade Area, which has been in existence for nearly three years now.
Spain has expanded its presence in Africa by recently signing trade agreements with Egypt and the Democratic Republic of the Congo (DRC). The agreement with Egypt includes regular bilateral summits similar to Spain’s annual meetings with Morocco, Algeria and Tunisia. Both agreements will facilitate the entry of more Spanish companies into Africa.
The draft accord signed on Monday foresees Chinese companies gaining copper/cobalt, gold and nickel concessions under repayment deals that would also include toll revenues from the roads and railways to be constructed.