Tuesday, June 25, 2024

Zambia, South Korea keen to enhance business ties


Minister of Commerce Trade and Industry Chipoka Mulenga, says Zambia is poised to become a good investment destination and attraction centre given its geographical position.

Speaking when South Korea special Envoy to Zambia, Kim Byongjoon and his delegation, paid a courtesy call on him in Lusaka, Mr Mulenga said Zambia and South Korea share strong bilateral relations.

Mr Mulenga explained that the South Korean delegation is in the country following President Hakainde Hichilema‘s visit to England where he met with Korea’s Prime Minister, Han Duck-soo.

He said time has come now for the two countries to translate the political ties into investment and economic relations in order to foster economic development.
The Minister added that Zambia has a youthful population that needs jobs, and that South Korea is a suitable partner in that area.

“The Presidential visit to England and the meeting that President Hichilema had with South Korea Prime Minister, Han Duck-Soo has started bearing fruits as already meetings about investments have started,” said Mr Mulenga.

He also called on Korea to partner with Zambia in its crusade to make electric batteries, by adding value to minerals the country is endowed with.
Mr Mulenga noted that as the country is transitioning from fossil fuels to green energy sources, Zambia needs to partner with Korea which has technological advancement.

He further asked the Korean envoy to help Zambia as it prepares to host the Africa technology summit sometime this year.

“Zambia indeed looks forward to Korea for huge investment in many sectors of the economy because of its technological innovation,” said Mulenga.

And South Korea special Envoy to Zambia, Kim Byongjoon said Korea is keen to invest in Zambia due to its favourable climatic conditions among others.

Mr Byongjoon explained that he is in the country for a series of meetings aimed at exploring investment opportunities.

Following President Hichilema‘s meeting with the Korean prime Minister on the sidelines of Prince Charles’s coronation recently, a huge delegation is in the country to start investment explorations in many areas of the economy.

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