President Michael Sata has held bilateral talks with senior executives from Samsung Engineering, the world’s leading electronic company based in Seoul, South Korea.
The closed-door meeting was held soon after the President addressed a high level Zambia-Korea business forum luncheon held at the Shilla hotel and attended by 70 Korean business persons and 30 Zambian experts.
Zambia expects to receive investment pledges and enquiries from influential Korean investors following the visit by President Sata.
During his presentation to the business forum luncheon, President Sata pointed out that Zambia is anxious to invite Korean companies such as Samsung Engineering which manufactures a range of automobiles to invest in the country by setting-up manufacturing plants.
The delegation from Samsung Engineering, which held talks with the President, included the Executive Vice President for investment business David Kim, Vice President for Africa Business Development division Cho Sung Jun, and Jeon Min-Woo, Manager PMP-MENA Marketing division.
The closed-door meeting lasted for about 20 minutes and was also attended by Commerce Trade and Industry Minister, Bob Sichinga, Foreign Affairs Minister Given Lubinda, Agriculture and Livestock Minister Emmanuel Chenda, and Tourism Minister Sylvia Masebo.
Earlier during the business forum luncheon, Commerce Minister Bob Sichinga prodded the Korean business community to come to Zambia and invest in the various sectors of the economy.
Mr. Sichinga regretted that Korean investment in Zambia is low and the balance of trade was in favour of the Asian country which imports copper and gold for its manufacturing companies.
And the chairman for the Korean Chamber of Commerce and Industry Kyung-Shik Sohn said his country is currently showing a robust economic growth and that the visit by President Sata will lead to opening-up of more areas of cooperation between investors in the two countries.
Mr. Kyung said the trade balance between Zambia and Korea has remarkably increased from US$ 300 million in 2008 to US$520 million last year in 2011.
Meanwhile, President Michael Sata is this evening expected to attend a private dinner hosted for him and participants to the third Korea-Africa Economic Cooperation forum which opened in Seoul yesterday.
The President will be been joined by delegates from over 50 African countries at the welcoming dinner.
President Sata will tomorrow on Wednesday give his key note and inaugural speech to the third Korea-Africa Economic Cooperation forum at the Grand Hyatt hotel in Seoul.
The President was invited by his Korean counterpart to be special guest and the only African Head of State to address the forum which is held bi-annually and is composed of senior government officials at the level of cabinet ministers.
By tradition, the KOAFEC forum invites only one Head of State to its bi-annual meeting to address the ministers on key common economic and developmental issues as well as adopting programmes that are financed and implemented in the Action Plan for a period of two years coordinated by the Korean Ministry of Strategy and Finance, the Export and Import Bank of Korea, and the African Development Bank-ADB.
President Sata will tomorrow also hold bilateral talks with Korean President Lee Myung Bak at State House before attending a luncheon that will be held in his honour.
The President, who is on a four-day working visit, arrived in Seoul, South Korea yesterday accompanied by the First Lady Dr. Christine Kaseba, three cabinet ministers and his Special Assistant for Press and Public Relations, George Chellah.
ZANIS
President Sata will tomorrow on Wednesday give his key note and inaugural speech to the third Korea-Africa Economic Cooperation forum at the Grand Hyatt hotel in Seoul.
The President was invited by his Korean counterpart to be special guest and the only African Head of State to address the forum which is held bi-annually and is composed of senior government officials at the level of cabinet ministers.
COME ON YOUR H.E BEBENI BESE. WE NEED MORE JOBS. BRAVO PF!!!!!!!!!!!!!!!!!!!!
Good job Presido, SADC is behind you all the way.
THATS MY PRESIDENT
My presido!!
Looking to the EAST is the best way to go than the WEST
That is the way to go Mr President; Gangnam Style..
My dream Zambia is coming
Zambians are extremely happy with the way President Sata is selling Zambia to the international community interms of business bilaterals.This is the man we needed many years ago. Now you will see how this country will collaborate with high profile bussisness partners, am very sure with youger and vibrant Ministers like Miles Sampa who understands economic and financial matters, Zambia is shapping up for greater destinations.
We know small chicks of the likes of Hakainde will be screaming out of ignorance, but we will not be delayed by selfish minds.We have a country to govern while he has no constituency.
Good point.
nice one badala tell your relatives that it is time to move not kuyumayuma.
:(|)Sata: Indelombako ubwafwilisho!!:(|)
You can’t don’t kubeba the whole world. Mwayesa nkhumba zamulusaka na C.B. who believed your 90day promise. Atase! Just die with your bitterness.
Attracting investors in a dictatorial state like zambia is sheer waste of time.Am sure the Koreans ar just looking at SATA as a Joker.Those guys already know SATA’s harsh & cruel stance on foreign investors-ZAMTEL,RSZ,FINANCE BANK ,ZANACO ETC.
Stop deceiving yrself Mr Cobra CNP..
Negativity is all u know some of u chaps…..
PF for the next 100 years!
CETY,YOU DON’T FOLLOW ZAMBIAN POLITICS, YOUR COMMENT IS FILLED WITH ALOT OF IGNORANCE JUST BY LOOKING AT THE COMPANIES YOU HAVE LISTED.
TRY TO EXPOSE YOURSELF/IGNORANCE TO SOMETHING ELSE.
mr hamyanze i like the way you contribute ,you are one of the tongas we need these days.in deed #11 &12 you are so dull and dont think your ka hh will ever rule this country.you will die of hatrate,envy an d your stupidity .viva sata may God give you 100 years more.we love you tata,kanabesa,mulopwe.shikulu.
#12, YOU ARE THE MOST IGNORANT AND DULLEST PERSON IN ZAMBIA. IN FACT THERE’S NOTHING YOU UNDERSTAND ABOUT ZAMBIA’S POLITICS EVEN SOCIAL LIFE. EVEN IF I EXPLAIN TO YOU USING THE SIMPLEST LANGUAGE THE CIRCUMSTANCES OF THE COMPANIES YOU HAVE LISTED YOU WILL NOT BE ABLE TO UNDERSTAND. YOU ARE VERY RETARDED. AND PROBABLY, LET ME NOT WASTE MY PRECIOUS TIME ON YOU. HOWEVER, LET ME ADVICE YOU TO START LEARNING CIVICS AS YOUR STARTING POINT TO ADDRESSING YOUR IGNORANCE.
#14 YOUR CONTRIBUTION IS GOOD AND MAKES A LOT OF SENSE. BUT PLEASE, ALWAYS USE NUMBERS FOR IDENTIFICATION OF WHO SAID WHAT ON THE BLOG. SAYING MR SO AN SO…IS RATHER DIFFICULT FOR QUICK REFERENCE. MIND YOU WHEN YOU CONTRIBUTE YOUR COMMENTS YOU YOUR INTENTION IS FOR PEOPLE TO READ AND MAKE QUICK REFERENCES ACCORDING TO YOUR POINTERS. I CAN QUICKLY REFER TO #S 11 AND 12. I CAN’T IN THE CASE OF Mr Hamyanze.
WE HAVE A HARD WORKING PRESIDENT IN STATE HOUSE NOW. MR SATA MEANS TO BRING REAL INVESTMENTS TO ZAMBIA, EMPOWER ZAMBIAN (ESPECIALLY THE POOR), MODERNIZE ZAMBIA AND CREATE HIGH QUALITY JOBS FOR THE CITIZENS. MR PRESIDENT, I AM WITH YOU AND NOT BEHIND YOU.
Mikailo
TROUBLE IS WE SELL THEM MATERIAL IN ITS RAW FORM. SO, THEY ARE NOT IN A HURRY TO SET UP MANUFACTURING INDUSTRIES IN ZAMBIA. IN THE NEXT BUDGET INITIATE A MANUFACTURING COMPANY (AT LEAST ONE) WITH THE HELP OF CHINA OR ANY OTHER COOPERATING COUNTRY OR COMPANY TO GIVE THEM A SIGN THAT THE SELLING OF MATERIAL TO THOSE COUNTRIES IS NEARING THE END- WE SHALL SOON START SELLING THEM FINISHED PRODUCTS. YOU WILL SEE HOW THEY WILL START JUMPING AROUND TO COME AND SET UP THOSE MANUFACTURING INDUSTRIES. BUT MAYBE BY THEN WE WILL HAVE NO TIME FOR THEM. WE PLEADED WITH THEM LONG ENOUGH.
Just quote from the report, ati “During his presentation to the business forum luncheon, President Sata pointed out that Zambia is anxious to invite Korean companies such as Samsung Engineering which manufactures a range of automobiles to invest in the country by setting-up manufacturing plants” Ooh, really!!!!!!. Hahahaha, ukwanomics zoona.
Hahahaha! samsung manufacturing a range of automobiles?
Gumu Gumu and 21. Don’t expose your ignorance in public. I can tell most of you guyz are ignorant on quite a lot of issues. First of all Samsung is a huge company. Samsung Builds cars, heavy duty mining equipment,It builds ships and high tech products such as home appliance equipment to computers tablets and mobile phones etc. one other thing people don’t know is that Samsung is also in construction. one of the tallest building in the world Borg El Khalifa in Dubai was constructed by samsung. For you own info check out Samsung digital city. a City built by Samsung and where everything is made.
Good luck Mr President but its african hub countries like Nigeria,Egypt Kenya & South Africa that are more likely to attract investments.They have bigger markets,bigger transport hubs,more developed capital markets and more international visibility.Sorry,but we in zed are just not that much “businesslike”