Govt comes up with policy to support value addition

Government has finalized drafting the National Industrial policy and the local content strategy aimed at supporting investment in value addition through local resources.

Speaking during the 2018 budget consultative meeting with local manufacturers in Lusaka today, Commerce, trade and industry Minister, Margret Mwanakatwe said government is committed to putting in place policies that will see the growth of the local industry.

Mrs. Mwanakatwe says the private sector has a significant role to play in generating local resources to address poverty and vulnerability that hinder human development.

She has since called on local manufacturers to compliment government’s efforts in achieving pillar 4 in the seventh national development plan which aims at ensuring greater economic stability, growth and job creation.

And speaking at the same event, Finance Minister Felix Mutati called on manufacturers to adopt the culture of give and take, stating that this will help them give as much as government is giving to them.

Mr Mutati has urged manufacturers and the private sector to make use of the various policies that government has put in place to help them generate more income and in return meet their tax obligations.

And speaking on behalf of the manufacturers, Zambia Chamber of Commerce President Michael Nyirenda proposed that government reduces corporate tax from 35 percent to 25 percent at a rate of 2.56 percent.

Mr. Nyirenda also proposed the introduction of tax holiday of two years for local Small Medium Enterprises that invest in priority sectors especially those involved in value addition.