KOREAN products are better than Chinese goods because they are competitive both in price and quality, a senior official from a business delegation from Republic of Korea that visited Zambia last week has observed.
And Republic of Korea Ambassador Extraordinary and Plenipotentiary to Zimbabwe and Zimbia Jae-hack OH has said investment in human resources has helped to improve the Korean economy and compensate for its lack of natural resources.
Ki-Sik Park, executive vice-president for strategic business at Korea Trade-Investment Promotion Agency (KOTRA), said while China makes most products at very competitive prices, the quality was bad.
“China can make things at very competitive costs, but Korea can have price competitiveness as well as quality,” Ki-Sik. “In that terms, I think Korea can be positioned as one of the best co-operating countries with Zambia particularly in the field of you natural resources development. Korea can offer a lot of things to your country in return for our Korean investments in your country…”
And Ambassador Jae-hack said Korea moved from a developing country in the 1960s to among the top 20 economies in the world at the moment through utilising its human resource.
Ambassador Jae-hack said investment in human resource had enabled the far East country to become one of the hubs for manufacturing and service provision.
Ambassador Jae-hack said there was need for Zambia to fully utilise its natural resources to the betterment of the local people.
He also disclosed that Korean businessmen who had shown interest in the country had full backing of the Korean government which also agreed to guarantee their investment through public financial institutions like the Export and Import bank of Korea.
“This is the first time in 15 years in 20 years of our diplomatic ties that we have a business delegation coming to Zambia,” said Ambassador Jae-hack. “This visit can give impetus to further strengthen the existing friendship between the two countries if you can fully take advantage of this visit.
Last week, a 20 man business delegation from Korea visited the country, announcing plans to invest US $130 million in Zambia to develop key sectors like copper and uranium mining and further investments expected in engineering production and information communications technology.