 From R-L: High Commissioner Mr Chikonde, Sasol General Manager (Explosives) Nick Husson and Managing Director Ray Gibbison during a follow up meeting to discuss investment opportunities in Zambia. |
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.
Patson Chilemba
First Secretary (Press)
FOR/HIGH COMMISSIONER