Ministry of Commerce Trade and Industry Deputy Minister Richard Taima said Zambia’s economy was currently in an unstable condition mainly due to the global economic recession.
Mr. Taima said this yesterday when he officially opened the one day small scale business forum at the ZITF’s presidential pavilion.
“The 2009 Trade Fair has come at a time of uncertainty regarding our economy. We all know that the global economic growth slowed down from 3.7 per cent to 2.5 per cent in 2008,” he said.
He however said government had already taken steps to redress the situation.
He said already government had found a strategic partner at Luanshya Mine, adding that the move had brought relief in the country.
Mr. Taima further said government had embarked on other supportive measures such as the announced reduction in customs duty on heavy fuels mainly used in the mining sector from 30 per cent to 15 per cent.
He also said the deferring of value added tax (VAT) on copper concentrates as another measure being taken by government through the Ministry.
He explained that all the measures were being put in place to reduce the cost of business in the mining industry, so as to encourage existing mines to remain in business.
The ongoing ZITF is expected to be officially opened by Republican President Rupiah Banda and his Tanzanian counterpart Jakaya Kikwete on Sunday.