The Lusaka Chamber of Commerce and Industry (LCCI) has signed a Memorandum of Understanding (MoU) with the Zambia Association of Junior Researchers aimed at refining small scale business through research.
And LCCI President, Alexander Lawrence, has also stressed the need to include academia in the business industry if the sector is to achieve supplementary benefits.
ZANIS reports that Mr Lawrence was speaking at the signing ceremony in Lusaka yesterday, indicating that the government has implemented programmes designed at recovering the economy in the face of COVID-19, hence, it is up to the private sector to support the initiative through research and development.
“The MoU will improve small scale businesses in the country through research for efficiency, profitability and growth into multinational businesses thus improving the country’s economic trajectory,” Mr Lawrence stated.
He noted that many small scale businesses have failed to thrive due to the absence of research and development.
“There is information out there which most people do not know about, we want the ability to take the information and use it to the benefit of everybody. Together, you and I will make this economic recovery programme work,” Mr. Lawrence explained.
Meanwhile, Zambia Association of Junior Researchers Secretary General Jestone Mhango noted that the partnership was timely citing research as the backbone of a nation’s development.
He observed that many youths across Zambia are interested in venturing into business but that they lack proper information.
Mr Mhango disclosed that his organization will provide researched data on products, conducive markets among other prerequisites for businesses under LCCI to understand the industry as they join the sector.
“We are very excited to be signing this collaboration with Lusaka Chamber of Commerce and Industry, because we know that together we are going to make a huge difference in terms of how business should be done,” Mr. Mhango stated.
He added that local businesses should collaborate with international corporations so that they are able to understand the local and international market for them to grow.