Commerce Minister Margaret Mwanakatwe says despite the improvement of the Country’s economic performance since 2001, as evidenced by the increased inflow of foreign direct investment, Joblessness and poverty has still remained high in the country.
Speaking during the COMESA second committee meeting on industry, Ms. Mwanakatwe says this indicates that the growth which has been taking place has been capital intensive.
She says this has prompted government to craft a ‘strategy on industrialization and Job creation to be funded through foreign and local investments.
Ms. Mwanakatwe has since stated that the investment which has taken place so far has been in the technology intensive sectors, and the other sectors which are more labor intensive have not been fully exploited.
She says to create 1 million jobs in the formal sector over five years, four growth sectors have been identified as having the greatest potential to achieve the objectives of promoting growth.
And speaking earlier, COMESA Assistant Secretary General Ambassador Dr. Kipyego Chelugel says Trade amongst COMESA member states have continued deteriorating.
He says the percentage of intra COMESA trade as measured by the ratio between exports to other member states compared to exports outside the region was at 10 percent in 2015 compared to 8.8 percent in 2013.