Q FM Africa's Modern Radio
Rosseta Chabala
The Zambia Association of Manufacturers (ZAM) has bemoaned Zambia’s limited participation in regional trade.
ZAM president Rosetta Chabala says Zambia’s participation in regional trade has remained limited, with COMESA intra-regional trade subdued at 7℅, while its global trade has fallen to US$236 billion as of 2016.
Speaking during the Zambia business round table organized by the COMESA Business Council (CBC) in partnership with the Zambia Association of Manufacturers, Ms. Chabala says this is because Zambia has had an increase in the number of imported products that surpass the trade of locally produced products in the region.
Ms. Chabala has further stated that financial regulations, tax and trade policies are also affecting the industry’s competitiveness.
Speaking at the same event COMESA Business Council Chief Executive officer, Sandra Owera has urged sector players to continue engaging and partnering with government to ensure the business environment translates into business growth and competitiveness.
She says a strengthened private sector is not all about policy engagements, but also uniting and developing pragmatic solutions to alleviate some impediments and constraints that the private sector faces .
And Finance Minister Margret Mwanakatwe says government recognizes the need to facilitate a sustainable investment environment through impactful economic policy and reforms, targeted at fostering an enabling business climate.
In a speech read on her behalf by the ministry’s permanent secretary for Budget and Economic Affairs, Emmanuel Mulenga, Ms. Mwanakatwe says government remains committed to the expansion of the country’s industrial base and increased value addition; through the design of appropriate tax policy reform measures, the construction of supporting infrastructure and other developmental frameworks.