THE Zambian government has underscored the critical role of small and medium-sized enterprises (SMEs) in the country’s economic development.
Highlighting a recent Bank of Zambia survey at the MSME and Cooperative Indaba, Minister of Small and Medium Enterprise Development Elias Mubanga revealed that SMEs contribute a significant 88 percent of all jobs in Zambia.
The event was held in Lusaka under the theme “Harnessing the Power of Collaboration: Fostering MSME and Cooperative Growth for Sustainable Development.
Mubanga said despite their often micro-scale, SMEs collectively employ an estimated 1.9 million Zambians.
He however noted the challenges faced by SMEs, including limited access to financing and outdated business infrastructure.
Speaking on behalf of President Hakainde Hichilema, the minister emphasised the government’s commitment to fostering SME growth across various sectors.
“We need to move away from our traditional way of doing business to become alert with what is going on,” he said.
“Government is committed to promoting the growth of micro small and medium enterprises and cooperatives across all economic sectors.”
Mubanga stressed the importance of embracing technological advancements and urged a departure from traditional business practices to align with evolving global trends.
The minister emphasised the importance of staying abreast with technological innovations and called upon cooperative movements to focus on initiatives such as irrigation and solar systems, with assured support from the ministry.
“Cooperative movements it’s time to emphasize irrigation systems and solar systems and as a ministry we are here to support,” he noted.
Echoing Mubanga’s sentiments, Livestock and Fisheries Minister Makozo Chikote reaffirmed the government’s readiness to implement strategies discussed at the MSME and Cooperative Indaba to drive development.
Chikota emphasised the need to shift societal mindsets regarding business and highlighted the availability of solutions to prevailing challenges.
“The solutions are here, if we want to create jobs, advancements of SMEs, we need to come up with strategies,” stated Chikota.
Meanwhile, Zambia Cooperatives Federation (ZCF) president Caerser Himukampande urged against politicising cooperative activities initiated by Government.
Himukampande advocated for diversifying cooperative ventures beyond agriculture and called for amendments to the Cooperative Act of 1998 to align with current realities.
By Catherine Pule
Kalemba, April 10, 2024
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