TURKEY will invest $150 billion dollars in the Zambian agriculture and industrial sector, Turkish delegation leader to Zambia Mr. Tamer Taskin has said.
Speaking at the signing ceremony of a memorandum of understanding (MoU) between the Foreign Economic Relations Board of Turkey and Zambia Development Agency (ZDA) yesterday, the DEIK coordinating chairman of Turkey said that Turkish industrialists were very keen to invest in Zambia.
“Our industrialists are keen to invest in Zambia with an investment potential of $150 billion of which 10 percent will go towards agricultural products and the other 90 percent toward industrial products,” he said.
Mr. Taskin explained that Turkey has a huge copper market because there are many copper wire industries there.
He disclosed that their aim was to engage in business that would see both countries benefiting and pumping money into their economies.
“We look forward to share export and production experiences with Zambia and grow our businesses together,” said Mr Taskin.
Mr Taskin further said that Zambia needed to work on its power deficit because production was very much dependent on electricity and find solutions to the bureaucratic investment challenges.
He, however, said he was aware Zambia had an excellent foreign policy that supported foreign investment and industrial zones.
Mr Taskin also said that he appreciated the fact that Turkey had a lot of Zambian students, who he said were a great future for both countries as they would provide human resource for both countries after graduating.
Meanwhile, ZDA director general Mr Patrick Chisanga said that the two countries had identified tremendous opportunities for business linkages especially in the private sector which they had crystallised.
Mr Chisanga said that this was only the beginning of a solid relationship between Turkey and Zambia.
He said that Zambia’s exchange policy was stable because investors could now bring in any amount of money and also take out any amount of money.
And Turkish Ambassador to Zambia Mr Ahmet Semsettin Arda said that the private sector was the only real tool that provided economic development, created real jobs and investment that generated real tax.
Mr Arda also said that business needed to expand further from the national boundaries as there was need to find new partners and a favourable environment for investment.
Mr Arda said that Turkey and Zambia had agreed to establish a business council that would meet once every year to propose new strategies for continuity.
He disclosed that Turkey was importing US$400 billion of copper every year and that there was real potential for business especially that Zambia was slaughtering about 300,000 cattle a year.
Mr Arda also said he was looking forward to how the agreement would be implemented and how that would accelerate business in both countries.
Another Turkish delegate said that he was impressed with the Zambian scenery and that democracy was Zambia’s major export to its neighbouring countries.