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.
Visits, tours, trips, conferences,etc in the name of development are just a waste of time.
You are missing the point.
South Korea is the only country in the world to transition from heavily indebtedness to actually lending money to the World Bank and IMF.
How they did it is where the lesson lies.
But I do agree, it does not need a high power delegation. We have an ambassador there and he can be tasked to transfer the vital bits of information on how the Koreans “invented the wheel”.
That is expecting too much from PF, a party with no vision.
What is the daily job of zambia’s ambassador to South Korea? What does he do daily in his office?
Ba Ambassador hopes to use World Bank office to get data on Zambia!? What a joker! He doesn’t have info on the very country he is supposed to be representing!!??? What is CSO for? What do such Ambassadors really do out there on a daily basis?
@Jitan – I think you have missed the point in the article above. Please read the extract below:
“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.”
-This statement simply says that Mr. Kapumpa will study the available statistics at the World Bank and explore the opportunities for Zambia. Some of these statistics at World Bank show the potential investors looking for investment opportunities, Projects that are currently being supported by the World Bank in growing economies like Zambia etc, etc. Such opportunities are very rare and this information is only available with the World Bank. Big Financiers will easily entrust…
(Continued…)
Big Financiers will easily entrust their information with the World Bank that with a mere Ambassador at the Consulate.
(Continued…)
Big Financiers will easily entrust their information with the World Bank than with a mere Ambassador at the Consulate.
We need economic diplomancy not kwatushisha fye a bakote.Zambia in deed has a lot to learn from south Korea because we have similar historical experiences. When I was I south Korea I learnt a lot just by seing with my naked eyes as an educated person how we can turn our natural resources into tangible goods and raise our GDP.
This idea of sending tired old pipo into the diplomatic service is killing us as a nation.We need young energetic pipo for these positions not using them as a retirement plan.
It is all words,dining and winning ,nothing much after the meeting,they go back to their monotonous existence,some back to cutting side deals with those who want to participate in road construction,others to facilitating bringing of coaches,historically all diplomats have just being dead wood diplomats,the only way to improve this docile economy is to empower local SMEs and participate fully in economic activities with our neighbors,not until we grew some balls and start exporting and accessing this markets in south Korea our economies will remain weak,we need to strengthen our fiscal systems and not be begging for this investors.We need to overhaul all internal huddles and all this investment will naturally flow.China is currently improving it’s financial markets by cracking down on…
stop embarrassing us all over the world begging and only to misuse the borrowed moneys
put your house in order first