ZCCM-IH woos Japanese to help  develop energy sector

ZCCM-IH says it interacted with Japanese companies in the power sector at the just ended Tokyo International Conference for African Development (TICAD) summit last month in Nairobi with a view of encouraging foreign investment in the energy sector.

According to the ZCCM-IH weekly updates, the company was invited by the Zambia Development Agency (ZDA) to be part of the Zambian delegation.

During the summit, ZCCM-IH represented by the chief executive officer Dr Pius Kasolo and portfolio analyst Tapiwa Msusa, made interactions with Japanese companies involved in the energy sector.

Sumitomo Corporation was one of the companies that held talks with ZCCM-IH in a bid to forge future relationships regarding investments in the power sector in Zambia.

At the summit, the ZDA signed memoranda of understanding (MoUs) with Mizuho Financial Group (MHFG) of Japan and Kenya Investment (KenInvest) of Kenya with the aim of promoting investment co-operation.

The MoUs were also aimed at identifying suitable investment opportunities, and enhance trade opportunities and information exchange, respectively.

The signing ceremonies were witnessed by Dr Kasolo alongside the permanent secretary in the Ministry of Commerce, Trade and Industry, Kayula Siame.

Further, the Industrial Development Corporation (IDC) which owns 60.28 percent shares of ZCCM-IH, also signed a memorandum of understanding with Marubeni Corporation of Japan.

The MoU was aimed at the rehabilitation of Mulungushi Textiles Limited in Kabwe, which was recently commissioned by President Edgar Lungu.

It was the first time that the 6th TICAD summit was held on the African continent.

The summit attracted just 35 heads of state, mostly from Africa, along with the Japanese Prime Minister, Shinzo Abe,  with over 90 Japanese companies in attendance.

African countries present included South Africa, Djibouti, Guinea, Zimbabwe, Somalia, Ivory Coast, Uganda, Mozambique and Togo amongst others.

The TICAD summit offered a platform for African and Japanese business leaders to interact and share business ideas on the premise that the private sector and its collective entrepreneurial mind-set will be key to delivering economic transformation on the African continent.

The goal of the summit was to promote the formation of co-operative partnerships between Japanese and African businesses, with both parties seeking to drive industrialization and diversification on the African continent.

The summit was held in Nairobi from 26th to 28th August 2016.

Categorized | Business

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