Maravi

RB asks Korean Investors to invest in the troubled NCZ

RB asks Korean Investors to invest in the troubled NCZ
January 22, 2009

President Rupiah Banda has appealed to the republic of Korea to consider investing in the troubled Nitrogen Chemicals of Zambia (NCZ). Mr. Banda says he is aware that Korea has the appropriate advanced technology to rehabilitate the fertiliser plant.

He says agriculture is critical to the economic development of Zambia and a recapitalized NCZ can provide cheaper fertiliser for peasant farmers.

The President was speaking at state House on Thursday, when he received letters of credence from Korea’s Ambasador designate to Zambia, Oh Jae-Hack.

And Mr. Banda said he is happy, the Korean resources Corporation- KORES has begun to partner with Zambian Miners.

The President called for more partnerships to enhance mining activity in the country.

He also commended the Korean government for its continued assistance to Zambia in mitigating the effects of floods in some parts of the country.

And Presenting his letters of credence, Ambassador OH said Zambia stands out as one of Africa’s most successful examples of political stability and sound economic development.

He said his government is looking forward to working closely with the Zambian government in its efforts to further achieve economic development by sharing development experiences of the two countries.

Ambassodor Jae-Hack said it is gratifying to note that the bilateral relations between the two countries have continued to grow, since the establishment of diplomatic ties in 1990.

Meanwhile, President Banda has appointed and sworn in Simon Kachimba, a former miner, as new Labor and Social Security Deputy Minister.

He urged Mr. Kachimba to help resolve the challenges of job losses, especially in the mining sector, where some companies are threatened with closures, following reductions in copper prices on the world market.

President Banda expressed confidence in the newly appointed deputy minister, adding that he is qualified and well placed for job to deal with the challenges the country is faced with in the labor sector.

ENDS/CM/PK/ZANIS/

Labels: KOREA, NCZ, RUPIAH BANDA

posted by MrK @ 7:35 AM