Four business associations have signed a memorandum of understanding with the Private Enterprise Partnership to promote enterprise development in Zambia.
The Zambia Chamber of Commerce and Industry (ZACCI), Zambia Association of Manufactures (ZAM), Zambia Chamber for Small medium Business Association (ZCSMBA) and Bongo Hive adopted a new business plan competition to promote entrepreneurship in Zambia.
The four Organizations also formed an umbrella body called Nyamuka Zambia that will facilitate the provision of finances to member associations to fund business projects.
Speaking during the signing ceremony in Lusaka today, PEP-Zambia Manager Bayo Akaindeinde said his Organization and Nyamuka Zambia Business Plan Competition will ensure that entrepreneurs in Zambia get the necessary support to promote their business.
Mr. Akaindeinde said Nyamuka Zambia is aimed at enhancing productivity and competition in private sectors in the country by strengthening the capacity of micro, small and medium enterprise (MSMEs).
And speaking at the same event, Nyamuka Zambia Manager Shalin Jethi assured that his organization will work hard with its partners to achieve sustained enterprise development in the country.
And ZCSMBA membership Coordinator Thelma Masuku said the partnership that has been forged will help her association to access finance, knowledge and skills needed to address the challenges faced by member associations.
The four Organizations have since pledged to support Nyamuka Zambia business plan competition to ensure that it succeeds to service and meet the members’ industry needs.
This is a very much welcome development. This will provide a much stronger platform for bargaining and pushing for progressive and friendly policies towards the MSMEs. Probably we could also see friendly membership fees, a factor that has led to many small business unable to sustain their memberships.