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Saturday, August 8, 2020

Government reviewing business legislation-Mwanakatwe

Economy Government reviewing business legislation-Mwanakatwe

Newly appointed Commerce minister Margaret Mwanakatwe during the Swearing-In-Ceremony at State House on February 3,2015 -Picture by THOMAS NSAMA
File:Newly appointed Commerce minister Margaret Mwanakatwe during the Swearing-In-Ceremony at State House on February 3,2015 -Picture by THOMAS NSAMA

Government will present 11 bills to parliament in order to expedite business regulation and consolidate private sector participation in economic development.

Government is therefore in the process of reviewing business legislation.Minister of Commerce, Trade and Industry Margaret Mwanakatwe said her ministry will by June present the bills that will promote doing business easily in the country by reducing unnecessary licensing.Mrs. Mwanakatwe said government will continue to provide a conducive environment to promote investment and business growth.

The minister however expressed concern with the inability of Zambian exports to penetrate the British markets.Mrs. Mwanakatwe said government is saddened that Zambia has a negative trade deficit with the UK in excess of US$150 million.She was speaking last night when she launched the Zambian chapter of the British Chamber of Commerce at the British High Commissioner’s Residence in Lusaka.

Mrs. Mwanakatwe has since expressed optimism that the British Chamber of Commerce will provide a platform to spur private sector participation and cement trade and investment between Zambia and Britain.

The minister pointed out that the private sector was the engine for economic growth and national development.She challenged the private sector to develop, deepen and integrate local content in production in order to be competitive on the international market.Mrs. Mwanakatwe added that government will work towards signing bilateral and multilateral agreements with other countries in order to promote and enhance trade.

And speaking earlier, British High Commissioner to Zambia James Thornton said the newly launched British Chamber of Commerce will enhance trade and investment between the two countries.Mr. Thornton also disclosed that UK business interests in Zambia have grown surpassing other countries as Zambia’s foremost trade and investment partner.

He said according to the Zambia Development Agency (ZDA), British Foreign Direct Investments (FDI) in Zambia grossed US$509 million covering the agriculture, mining, manufacturing and banking sectors.The High Commissioner has since commended government for engaging mining companies in dialogue over the new mine tax system that requires mining firms to pay royalty tax.

6 COMMENTS

  1. Ministry of Justice has a very limited capacity of drafters to finalize those bills. I can assure you that those bills will be stuck at MoJ for the next 3-5 years minimum. Welcome to the civil service Hon. Ms. Mwanakatwe!

    • At least some one has realised that the TRADE DEFICIT needs to be addressed to improve the Kwacha ‘s performance on the market.

  2. madam,talk less action is needed at this time when the boat is slowly sinking.You might be there (PF) Saviour from their (PF).By the way madam are a politician ?

  3. Britain is very protective of the rights of inner British businesses.

    They discourage their citizens from buying foreign.

    I would say Zambia continues to target China for business and investment. Britain will only come to Zambia to take what they can. Please stop it with Britain. They are racist to boot.

  4. Legislation must be complimented by enterprise capacity to produce/convert to add value with international quality standards if Zambia is to reduce the trade deficit. The day Zambia will add value to agricultural produce, copper and precious stones will mark the beginning of competitiveness.

    Welcome to Government, Mrs Mwanakatwe. You were good in the banking world and we expect you to bring value to the Ministry of Commerce. Go into SADC and COMESA meetings with fresh ideas. Too many issues have dragged on for too long.

  5. Hon Ma’am,
    Please, please lower the threshold so those of us with a small savings in the region of $50 000 can get in to Zambia and start a small-scale farming venture. My plan can create 10 full-time jobs all year round. I also have plans for knowledge transfer through open days, once per month, on my small holdings, for residents in my farming area.
    We will never be recognised in Europe.

Comments are closed.

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