Government says it has approved the National Industrial Policy to promote economic growth of the country through industrialisation.
Minister of Commerce, Trade and Industry, Christopher Yaluma said previously industrial policy issues were covered under the Commercial, Trade and Industrial Policy, which covered both trade and industrial development matters.
He added that the revised standalone Industrial Policy would allow for emphasis on industrial development and compel industries operating in Zambia to process local raw materials into finished products.
According to a press statement issued by First Secretary for Press and Public Relations at the Zambian Mission in South Africa Naomi Nyawali, Mr. Yaluma was speaking on the side-lines of the SADC Council of Ministers Conference being held in Pretoria.
The Minister said the revised policy will help promote the creation of more industries in the country.
Mr. Yaluma observed that industries across all sectors that were getting raw materials locally will be expected to start adding value to such materials in order for the country to draw tangible maximum benefits.
The Minister observed that processing of raw materials into finished products as expected by the revised policy will help revive the manufacturing industry in Zambia.
Mr. Yaluma stated that the move will help create employment for the local people as well as increase government’s revenue base.
He added that value addition to local raw materials will further create business opportunities for local Small and Medium Enterprises through supply of goods and services that will result in helping government achieve its goal of wealth creation for all its people.
And Mr. Yaluma said his Ministry has also finished reviewing the Trade Policy which has been submitted to other line ministries for consultations.
He said government was developing the revised and standalone Trade Policy in order to bring it into tandem with among others, the aspirations of the Africa Continental Free Trade Area (ACFTA) which Zambia is expected to sign once consultations are concluded.
He pointed out that once the revised trade policy was approved, it would prevent the dumping of goods and services onto the Zambian market from other countries and enable Zambia become an equal trade partner both at regional and continental level.