Zambia

Zambia recorded deteriorating economic prospects Last 10 years

Zambia Recorded Deteriorating Economic Prospects Last 10 Years

Zambia recorded deteriorating economic prospects Last 10 years

Minister of Small and Medium Enterprise Development Elias Mubanga has noted that Zambia has huge potential for high economic growth due to its rich natural resource endowment and a youthful population.

Mr. Mubanga says Zambia’s potential has been hindered by declining economic prospects leading to high unemployment levels the country has experienced especially in the last ten years.

He said to unlock potential for growth, the government is committed to creating an enabling environment for enhancing entrepreneurship and innovation that will spur growth of viable Micro, Small and Medium Enterprises.

Mr Mubanga was speaking during the launch of the mentorship training programme for SMEs held in partnership with Germany and the Finish governments and other stakeholders in Lusaka this weekend.

Mr Mubanga stated that the mentorship training is an important programme and that more similar mentorship programs have been organized for SMEs, an indication that a lot of activities to promote SMEs development are gaining momentum.

He stressed that the desire of the government is to see a private sector driven economy with SMEs taking a larger portion.

“To unlock this potential for growth, the government is committed to creating an enabling environment for enhancing entrepreneurship and innovation that will spur growth of viable Micro, Small and Medium Enterprises. Innovative and viable enterprises will contribute to economic growth, job creation and retention of resources within the country,” Mr. Mubanga stated.

He said there is a need to formulate programs that will reach rural areas and educate women on financial literacy and train them in life skills so they understand how to access the funds and set up businesses.

Mr said the government wants to see more development in rural areas the reason it has given out the funds needed such as the Constituency Development Fund (CDF) and other empowerment programs which people must tap into.

And Finish Ambassador to Zambia Pirjo Suomela-Chowdhury said the finish government is eager to support MSMEs in Zambia through the Accelerated Growth for Small and Medium-Sized Enterprises program which has been going on for the past few years.

“I am delighted to see Zambia and Finland work together to promote industry-academia collaboration on innovation for long-term competitiveness, and for a truly vibrant and sustainable private sector. It is important to bring together companies and the next generation experts to jointly identify future opportunities, challenges and solutions” Pirjo Suomela-Chowdhury said.

Source – Lusakatimes.com

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