President Hakainde Hichilema says Government is committed to continue promoting the Small and Medium Enterprises (SMEs) as they are a backbone of Zambia’s economic growth.
Mr Hichilema has emphasised that his administration will continue to remove rigidities that hinder the growth of the SMEs in a bid to accelerate economic development in the country.
Speaking during the launch of the Growth Investment Partners Zambia (GIPZ) in Lusaka today, the President expressed optimism that the launch will create a conducive environment for SMEs to thrive in the country.
The President added that to demonstrate its commitment to improve the SMEs, his administration established the Ministry of Small and Medium Enterprise Development immediately it formed the Government.
He further explained that in a quest to enhance SMEs in the country, the government under the Constituency Development Fund (CDF) allocated funds towards the skills training component to enable youths to venture into courses such as plumbing, carpentry among others.
Mr Hichilema said after graduating from skills training colleges, the youths set up cooperatives and SMEs, thereby creating jobs for citizens.
“Let me indicate that as we launch the Growth Investment Partners Zambia, there is a need to focus on capital, technology, value addition and joint ventures so as to promote efficiency and productivity among SMEs,” he said.
He stressed that the initial US$70 million dollars that GIPZ has injected into the entity is huge to transform the country’s economy.
He also expressed happiness over the stability in the economy, especially the continued gaining of the kwacha against other convertible currencies, a feat he attributed to the revival of mines among other market fundamentals.
Minister of Labour and Social Services, Brenda Tambatamba praised President Hichilema for launching the GIPZ which is expected to streamline the operations of SMEs.
And British High Commissioner to Zambia, Rebecca Terzeon said the launch of the growth Investment Partners is the latest demonstration of the strength and depth of the UK-Zambia partnership.
She explained that the UK and Zambia are in many ways, natural Partners that have a shared vision to generate growth and prosperity for citizens.
“Growth Investment Partners Zambia is a bold and innovative initiative, it reflects the UK’s belief in Zambia’s potential and our commitment to supporting its journey of inclusive economic growth,” she said.
Swedfund Chief Executive Officer, Marie Aglert said Sweden’s Development Finance Institution has a mission to reduce poverty through sustainable investments in the private sector.
She added that Swedfund has a long-standing engagement in Zambia and supports businesses in renewable energy, Agriculture and financial inclusion.
“We are proud to join NAPSA and Bill in launching this platform, and we look forward to seeing Zambian businesses thrive and lead the way,” she said.
NAPSA Board of Trustees Chairperson, Muteto Shipango said the Authority is committed to transforming people’s livelihoods through massive investment into small and medium enterprises.
He explained that SMES are a backbone of the country’s economic transformation agenda and that launching Growth Investment Partners Zambia marks the transformative journey of inclusive economic growth across the country.
He stated that SMEs have for a long time been grappling with challenges in terms of capital to enhance their businesses and that the launch of the growth Investment Partners Zambia will enable them to grow and thrive.
Mr Shipango emphasised that the initiative and collaboration with British international Investment, NAPSA and other partners aligns with the Government’s commitment to scale-up renewable energy.
He said about 5, 000 directed 16,000 indirect Jobs a move which is expected to spur economic activities exponentially.
The NAPSA Board Chairman reiterated that SMEs are a heartbeat of the economy globally as it accounts for 80 percent of job creation in the economy.
