Zambia Has Potential For High Economic Growth – SME Minister

The Minister for Small and Medium Enterprises (SMEs) Elias Mubanga has said Zambia has huge potential for economic growth because of the country’s rich natural resources and young population. 

He said that the country’s potential has been held back in the last ten years by high unemployment and economic mismanagement, but that the New Dawn government is committee to creating an enabling environment for enhancing entrepreneurship and spurring growth for small businesses.  

Mr Mubanga’s comments came at the official launch of the government’s policy paper for Micro, Small and Medium Enterprise Development (MSMEs). The document sets out means to facilitate the inclusive and equitable development of MSMEs, anchored on the active involvement of key stakeholders.

“The Policy will thus focus on creating an enabling environment that will spur entrepreneurship and make it easy for Zambians, particularly youths and women to start and sustain their businesses,” the minister said. 

“The Policy, therefore, provides the framework to resolve the perennial problems that stifle innovation and entrepreneurship on one hand and on other hand promote innovative ways of supporting start-ups and existing enterprises in all sectors and coordinate the MSME Sector for sustainable economic growth and job creation,” he added. 

He concluded: “ The Policy also seeks to facilitate the MSMEs’ initiatives in an inclusive and equitable manner and will be anchored on the active involvement of key stakeholders in the MSME sector. The MSME Development Policy shall be implemented in line with various policies and development initiatives that have a bearing on MSME development. The Policy will be closely aligned with other Government initiatives outlined in the medium- and long-term National Development Plans.”