Minister of Foreign Affairs and International Cooperation, Mulambo Haimbe has expressed gratitude to the Republic of Korea for the support in sectors such as infrastructure and the donation of US$ 285,000 United States Dollars for the purchase of motor vehicles to support the Government.
Mr Haimbe says Zambia is grateful to the Korean government for the support rendered to the education sector through KOICA, and the Global Korea Scholarships (GKS) Graduate Degree Programme.
He said this during a bilateral meeting with Mr Cho Tae-Yul, Minister of Foreign Affairs of the Republic of Korea in Seoul, on the margins of the 2024 Korea-Africa Summit on Wednesday.
Mr Haimbe acknowledged the strong bonds of diplomatic relations between Zambia and the Republic of Korea.
The Minister praised the Republic of Korea for successfully hosting the inaugural Korea-Africa Summit.
The Minister noted that Zambia is eager to join the K-Riceblt Initiative under the Ministry of Agriculture, Food and Rural Affairs through which Korea is supporting rice production in Africa.
“Korean companies are welcome to invest in Zambia’s Multi-Facility Economic Zones to take advantage of the local market and regional economic markets, including the Southern African Development Community, Common Market for Eastern and Southern Africa and the African Continental Free Trade Area,” he emphasized.
Additionally, the Minister underscored the need for cooperation between the Zambia Development Agency and Korea Trade Investment Promotion Agency to leverage on the Korean Government’s expanded Official Development Assistance of US$10 billion.
Mr Haimbe explained that the money will develop practical projects including construction of industrial parks and complexes to encourage investment in manufacturing.
He indicated that the US$14 billion export financing which the Korean government will provide to encourage more activities by Korean companies to stimulate trade and investment in Africa.
The Minister further called for cooperation with the government of Korea and the private sector to create strategic partnerships in the energy sector.
The inaugural Korea-Africa Summit was held from 4th to 5th June, 2024.
This is according to a statement issued to ZANIS by the Ministry of Foreign Affairs and International Cooperation.
