ZAMBIA need to have high level delegation visits to Korea to generate more interest from potential investors and show strong political will and commitment, World Bank Special Representative to Korea, Joyce Msuya, has said.
Ms Msuya said Korea’s experience of transitioning to a dynamic knowledge sharing economy provided lessons that could benefit many developing countries.
She said this when she paid a courtesy call on Zambia’s Ambassador South Korea Mumba Kapump on Tuesday (February 23, 2016) at the Zambia Chancery in Seoul.
This is according to a press statement released yesterday by First Secretary for Tourism Nthemba Kamanga Minja at the Zambian Embassy in South Korea.
The World Bank Group opened a national office in Songdo, Korea in 2013.
To realise its mandate, the Korean office shares global knowledge with institutions such as the Korea Development Institute and the Korea Eximbank.
The Korea office hosts employees from the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) to pursue various cooperative projects related to knowledge sharing, development finance and investment guarantees.
The IFC provides assistance to developing countries through private sector institutions and offers advice to Korean investors when they participate in projects in developing markets.
And Ambassador Kapumpa responded by expressing the wish and intention of the Embassy to take advantage of the Bank’s strategic position in the Korean financial and business network to connect would be investors to Zambia and portray it as a choice investment destination.
Mr Kapumpa also said that the Embassy would tap into the vast reservoir of data and statistics of the Bank to showcase Zambia as a stable and reliable partner in the Korean economic push outside East Asia into Africa.
He said the Small and Medium Enterprises (SME’s) were a sure target group.
The Ambassador said he saw a great future for Zambia in Korea with the World Bank, which has assisted Zambia for a long time providing a firm helping hand.