Maravi

Sata invites Chinese to explore investment opportunities

Sata invites Chinese to explore investment opportunities
By Staff Reporters
Thu 15 Mar. 2012, 12:59 CAT

President Michael Sata has invited Chinese investors to explore various areas of investment in the country. This was during a closed-door meeting at State House yesterday, when he met a 14- member delegation from Beijing led by Luo Tao, the General Manager of China Non-ferrous Metal Mining Company (CNMC) group.

During the meeting, Luo assured President Sata who was flanked by Republican Vice-President Dr Guy Scott, that CNMC was confident of its investment in Zambia because President Sata commands a strong and ambitious team. He said CNMC plans to accelerate its investment in Zambia.

"The US$400 million Mulyashi mining project in Luanshya will commence production by the end of this month. And our next project is the US$800 million South East Ore body at Chambishi mines. This is the plan of our projects in the near future," Luo said.

Luo described President Sata as a kind man who is focused on job creation and economic development of the country.

"Employment and economic development of Zambia is also a responsibility of Chinese investors here. I promise that we will adhere to Zambian laws and do what we are required to do," he said.

In response, President Sata recognised the important role Chinese investment was playing in the country.

"The investment has benefitted both Zambia and China. Therefore, every expansion in investment should be for the mutual benefit of the two countries and its people," the President said.

"I would encourage you to bring more Chinese investors to invest in various areas of investment in the country especially mineral exploration. We would also like you to get involved in agriculture, textile and many other sectors."

Labels: CNMC, GUY SCOTT, MICHAEL SATA, NON-FERROUS METAL CORPORATION AFRICA

posted by MrK @ 5:27 PM