The Industrial Development Corporation (IDC) Chief Executive Officer, Cornwell Muleya, has challenged the new Mpulungu Harbour Corporation Limited Board of Directors to modernize the facility into a fourth generation port.
Muleya stated that the targets set for Mpulungu Harbour were high and that top of the agenda was to ensure that the Port was transformed into a fourth generation and established as a shipping business line.
He said this during the inauguration ceremony of the Board in Lusaka this week.
He said the move to appoint a new board was aimed at strengthening the company’s corporate governance and business strategies.
This, Muleya, stated would improve their performance in the shipping industry and increasing its profitability.
“This is also part of IDC’s broader strategy that will guide companies in implementing operational reforms that will lead to improved financial performance, benefits to the shareholders and the people of Zambia,” he said.
Muleya disclosed that initial feasibility studies for the harbour were done in 2016 hence the need to hasten the process of turning it into a fourth generation port.
He challenged the new Board to take lead in driving these two important projects as well as identifying alternative financing options to realise this development.
“‘I further wish to challenged you to apply good governance principles and ensure prudent, timely and cost-effective execution of your duties as you provide oversight over the company’s strategic objectives,” Muleya stated
The new Board of Directors for Mpulungu Harbour comprised of Fellystons Nchimunya, as Chairperson, and would be supported by Precious Musonda, Mark Pearson and Joseph Mbinji.
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