Mayor Sata invites Korean investors to invest in Lusaka
Lusaka, June 30th, 2014, ZANIS — Lusaka Mayor Mulenga Sata has invited South Korean investors to invest in Zambia because of the country’s favorable investment opportunities and conditions the Patriotic Front government is offering.
The Mayor was speaking today in Incheon, the second largest City of South Korea when he met the Chairman of Industrial Bank of Korea Mr. Young Hyun Jo and the General Manager of Woori Bank Mr Yoon, Young Mook.
Councilor Sata according to local media reports today said Zambia had great investment opportunities in several sectors ranging from mining, agriculture, hospitality and construction industries that have attracted various world investors.
He said the favorable policies entrenched by the government of the Republic of Zambia has made the country to be a favorable destinations for investment.
Mr. Sata said that it was evident by all that Zambia has become a hub in the sub-region which offers great investment opportunities to both local and foreign investors.
“Zambia has been a peaceful country and this has made it to be an attractive center for most investors. Our coming here in South Korea at the invitation of Dae Han Construction Company is to explore further investment opportunities and to invite you the potential investors to come to Zambia, Lusaka in particular so that we can see which role you can play to help in responding to the challenges our is facing,” he said.
Councilor Sata said Lusaka, like other cities in developing countries, was in dire need of support in areas such as waste management and proper land use management in order to promote development.
He said among the serious problems the city was facing was lack of recycling plants for waste which has made waste management a nightmare for the Local authority to handle.
And Lusaka City Council Town Clerk Alex Mwansa indicated that the City of Lusaka had numerous investment opportunities which interested investors could venture into.
Mr. Mwansa said besides the areas of waste management and construction, the city was facing huge housing deficit as well as poor water and sanitation especially in the peri-urban areas.
The Town Clerk further indicated that the Council was also looking for investors to partner with through the Public Private Partnership (PPP) in constructing the parks at Civic Centre and the Central Business District (CBD).
“The problem of congestion coupled with lack of parking space has become a huge challenge for the Local authority. Already in trying to find solutions to the problem the Council approved the construction of park-ades which at the moments awaits a willing investor to come on board to partner with the Council in the building these two facilities,” he said.
The Town Clerk said as a matter of urgency the Council would invite any Korean investor who would be willing to give support in any of the sectors under the auspice of the local authority.
“As a local authority we have approximately 61 functions delegated to us under the Local Government Act and that in itself gives you a picture of much workload we have and how we desperately need assistance in a number of areas,” he said.
And IBK Chairman Mr. Young Hyun Jo said the bank was willing to support any South Korean investor willing to take investment in Zambia. Mr. Jo informed the mayor that his bank has had standing relationships with companies like Dae Han Construction company and any investment opportunity rendered to Dae Han Company had an assurance of financial support from the IBK.
Mr. Jo said he was aware of good investment opportunities in Zambia and a long standing political stability which was has made the country a good place for investment.
He assured the mayor that his bank was going to provide financial backup if Korean companies were to express interest in investing in Zambia.
“The first step we need to undertake is to develop a relationship step by step and then we can see how we can support each other,” he said.
Meanwhile, Woori Bank General Manager Mr. Yoon, Young Mook has also pledged unwavering support in financing projects in Zambia if Korean investors were to be considered.
He said South Korea enjoyed warm relationship ties with Zambia hence investing in Zambia was a welcome move which his bank would consider.
“The goodness is that we have met and so let us continue talking, as a bank we are willing to do business everywhere provided the conditions are favourable and we are assured of security for our business,” he said.
The Mayor is on a six days tour in South Korea at the invitation by Dae Han Construction Company to explore investment opportunities from South Korean companies especially in construction industry.