Friday, November 15, 2024

Government to offer NCZ to equity partner

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Bob SIchinga and Energy Minister Yaluma at the function organised by Zambians in UK for President Sata
Bob SIchinga and Energy Minister Yaluma

COMMERCE Trade and Industry Minister Bob Sichinga has assured that Government will only offer Nitrogen Chemicals of Zambia (NCZ) to an equity partner who will present a proposal that has the best package on job creation.

Speaking recently when he met SASOL executives in Johannesburg, South Africa, Mr Sichinga said Government was looking for an equity partner in NCZ, who would provide value addition as opposed to converting existing infrastructure as storage for imported finished products.

This is according to a statement issued yesterday by first secretary for press at the Zambian High Commission in South Africa Patson Chilemba.

The minister said besides SASOL, there were other investors who had shown interest in investing in NCZ and 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 (LuSE) to encourage local participation in the economy.

Finance Deputy Minister Miles Sampa enlightened SASOL executives on the issuance of Statutory Instrument (SI) No.33 of 2012 which banned the use of foreign currency in local business transactions.

Mr Sampa said 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 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.

Mr Muyeba said NCZ needed to be revitalised as it was the lifeline of Kafue town.

SASOL expressed interest to explore investment opportunities in Zambia in areas of gas, fertiliser, 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, a company specialised in funding social and humanitarian projects at low interest rates, Mr Sichinga said Government planned to have clusters in districts using comparative advantage in the production of particular goods.

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.

He said Government was of the view that involving Loita Capital Partners would enable many Zambians access capital to enable them export.

In response, chairperson and chief executive of Loita Capital Partners 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 revitalising the agreement previously signed to support exports.

[Times of Zambia]

6 COMMENTS

  1. This is the same privatisation they are against. How will they feel if the opposition starts to threaten to response the shares of the equity partner.

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