GOVERMENT WILL OFFER NCZ AT THE BEST VALUE, SAYS SICHINGA
COMMERCE Minister Bob Sichinga says government would offer Nitrogen Chemicals of Zambia (NCZ) to an equity partner who offers the best package that responds to beneficiation and all the principles of job creation.
Speaking recently when he met SASOL executives in Johannesburg, South Africa, Mr Sichinga said government is looking for an equity partner in NCZ, who would provide value addition as opposed to converting existing infrastructure as storage for imported finished products.
Mr Sichinga said besides SASOL, there were other investors who have shown interest in investing in NCZ, and therefore government would offer the company to an investor who offered the best conditions at the right value.
He urged companies operating in Zambia to list on the Lusaka Stock Exchange in order to encourage local participation in the economy.
Finance deputy minister Mr Miles Sampa enlightened SASOL executives on the issuance of Statutory Instrument (SI) No.33 of 2012 which bans the use of foreign currency in local business transactions, saying the measure had no effect on business transactions as payment for international transactions would continue to be made in foreign currency, and that the financial system would facilitate the transfer and conversion into Kwacha and vice versa.
Zambia’s High Commissioner to South Africa Mr Muyeba Chikonde urged SASOL executives to utilise the presence of the mission to facilitate the flow of information and to explore the available investment opportunities in Zambia.
He said NCZ needed to be revitalized because it was the lifeblood of Kafue town.
SASOL has expressed interest to explore investment opportunities in Zambia in areas of gas, fertilizer, asphalt and explosives.
SASOL is organised into four business clusters- the South Africa energy cluster, international energy cluster, chemical cluster and other associated agri-businesses.
During another meeting with executives from Sterlitzia Holding Limited, a company specialised in funding social and humanitarian projects at very low interest rates, Mr Sichinga said government planned to have clusters in districts with each one having a comparative advantage in the production of a particular good.
He said the undertaking required funding at low cost such as the one offered by Sterlitzia for them to be viable.
In another meeting with Loita Capital Partners, Mr Sichinga expressed concern that Zambia had been unable to utilise its export quota under the African Growth and Opportunity Act (AGOA) due to lack of capacity, and was therefore of the view that involving Loita would enable many Zambians have access to capital to enable them export..
In response Chairman and Chief Executive of Loita Capital Partners Mr Justine Chinyanta said the company was willing and ready to work with government in meeting its development objectives.
The meeting with Loita was aimed at revitalizing the agreement previously signed to support exports.
First Secretary (Press)
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