Lusaka Mayor Mulenga Sata has invited South Korean investors to invest in Zambia because of the country’s favourable investment opportunities and conditions the Patriotic Front government is offering.
The Mayor was speaking this morning 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. Councillor Sata said Zambia had great investment opportunities in sesveral sectors ranging from mining, agriculture, hospitality and construction industries that have attracted various world investors.
He said the favourable policies entrenched by the government of the Republic of Zambia has made the country to be a favourable destinatsion for investsment. Councillor 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 centre for most investors. Our coming here in South Korea at the invitation of Dae Han Construction Company is to explore further investment opportunties 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.
Councillor Sata said Lusaka, like other cities in developing countries, was in dire need of support in areas such as waste mangement 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 investsment opportunities which interested investors could venture into. He said besides the areas of waste management and construction, the city was facing huge housing defecit 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 parkades at Civic Centre and the Central Business District (CBD).
“The problem of congestsion 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 parkades 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 suspport 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 assistence 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 opportunmities 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 in South Korea at the invitation by Dae Han Construction Company to explore investment from South Korean companies especially in construction industry.
So he didn’t go to Israel to check on his dad’s progress. I guess money talks louder.
I don’t think a normal brain can sit in that weird shaped head, sorry.
Why Koreans? He should invite gay jews to come and invest … after all Israel is the GAY CAPITAL in the middle-east.
Cover-up visit done. Next stop Tel Aviv…….. The trip was planned for Tel aviv, but had to include a stop over in South Africa just that LCC pays for the trip.
Just clean up the city by removing those vendors from the streets. You don’t need the advice of Koreans for this.
And the watchdog said he went to Israel to be at his fathers death bed ? So much for sensationalism.
@Saulosi…ifintu ifi ni common sense fye!!! Honestly with all the talk about sata’s illness, can his son go straight to Telaviv? aM sure pf intelligenc worked out this…planned a belela show of wooing investors in s korea….then book return flight flight from korea to telaviv and after visiting papa will go back to s korea and back to zed. FINISH,
Zambian watchdog should be canned for misleading the nation.
He went to Israel.
HEY, YOUR WORSHIP PLEASE MAKE SURE YOU PASS THROUGH TEL AVIV TO CHECK ON DAD AND YOUR STEP MOM.
Heheheh Zambian watchdog must stop hallucinations with immediate effect. You be looking more foo-lish by the day. All those of you in the habit of praising them thinking they are giving you good information should find a proper way of spending your time. You spend hours been unproductive for nothing. Mayor Mulenga is enriching his CV and working hard for this country.I pity you that take whatever ZWD and Zambian reports posts as Gospel truth
what is this we hear he is in israel, good job invite more investors.
We don’t need anymore infestors! Not even a single one.
What we need is the govt to do away with bureaucratic processes and policies that disfavor indigenous investments such as lowering Bank interest rates, opening up of strategic opportunities for PPP between the state and local players. Little do people that strongly advocate for foreign investment realize that, one of the preconditions of their investments is the repatriation of profits! Weher does this leave the ordinary Zambian?
FIVE COMMENTS!ALL NONSENSE.
uyu ******,you just want to hoodwink us.just go where you are headed to Tel aviv.kuti wabepa bani?
I am impressed at the pace that Mr. Sata Junior is moving.
Presidential bi elections on track ?
Lies and their peddlers are being exposed. Lies don’t stand because they have no legs.
It will be funny when Sata comes back from Israel. Some people will kill themselves.
In a normal situation, Counselor Sata is not in a national government to be wooing investors or investors as called. Minister of Industry, and therefore no matter how u cover up Ubulwele bwa Mfumu…….
Where was this man before PF. He doesn’t even look like his sick father
In a normal situation, Counselor Sata is not in a national government to be wooing investors or investors as called. Minister of Commerce n Industry is supposed to be there. Therefore no matter how u cover up Ubulwele bwa Mfumu…….
Sata is a Mayor of a City. The problem in Zambia is that we do not understand what a Mayor of a City like Lusaka can do to the City (Not the whole Country). He has to attract invetsors in Lusaka City as the capital city. When the Minister is visiting Lusaka City, He/She has to pay a call at the Mayor’s Parlour. What is wrong with us.
Lets wait and see if the Kitwe or Ndola mayor will also head another direction – China or India maybe – to woo investors for their cities. This is unprecedented. Someone is not doing his job somewhere if everyone needs to go into foreign ministry.
Its really a shame that even Sata`s son can play politics with his dad`s serious illness.
Zambia Development Agency was established in 2006 under Act No. 11 of 2006 to carry out this selfsame role why do we encourage and fuel corruption by sending politicians like Mulenga Sata here to look for kick backs and side deals for himself.
It’s just wishful thinking hoping that he has Lusaka city’s interest at heart on this trip expect him to register supply and distribution companies immediately his aircraft touches down at KK international airport.
Imwe ba flaffy watchdogs where are the pictures showing mulenga in israel as you claimed? Shameless liars
no, show us some pictures kaili
The last paragraph just gives it away;
“The Mayor is in South Korea at the invitation by Dae Han Construction Company to explore investment from South Korean companies especially in construction industry.”
In all honesty where does a political figure get invited by a construction company…this bribery. ..the Mayor should striving for municipal inter-relationships to learn from their capital on how they manage to keep their streets very clean.
Ba southern pushi, you will continue na hate speech and it will end there.
Tell them these evil gossipers. Show us israel pics of mulenga.U good for nothing, unpatriotic triabalists.
They leave us with no choice but to speculate. …………Maybe M. Sata travelled to Tel Aviv on 28/6 and left for Korea on 29/6……It’s possible!! Since when did he start wooing infestors……They want to cast the WD in a dark light…make it appear they are fabricating stories.
Ba ZWD and you followers of doom! Leave Mulenga Sata out of your nonsense, for the past 10 days you peddled lies that President Sata is in coma hospitalized in Israel. Today you have covered your lies that he was discharged on Thursday and NOT in critical condition. Mulenga Sata got this invite way before his father left the country please spare us with lies. Talk development NOT gossip! HH will ever be in opposition until death does him part
Hoodwinked the zambians.He went to South korea but will touch Israel on his way to see the old man…………………………………………
what games are you PF guys playing?
We have a hard working first family. The father is in Isreal wooing investors and the son likewise is korea. Jst hope the son is not also on indefinite working holiday