Thursday, April 18, 2024

SMEs are drivers of economic growth-Mubanga


Minister of Small and Medium Enterprise Development, Elias Mubanga has expressed gratitude that small and medium enterprises (SMEs) in the country are drivers of economic growth.

Mr Mubanga says SMEs constitute over 90 percent of all businesses and greatly contribute 70 percent of Zambia’s Gross Domestic Product (GDP).

He stated that SMEs provide employment opportunities to people in the country.

Mr Mubanga said this after he inspected and toured some stands at Zimba Main market.

Mr Mubanga visited the vegetable, metal fabrication, grocery shops, auto-spares, tailoring among other stands.

“I’m happy with what l saw. My people (SMEs) are doing a tremendous work of uplifting their livelihoods. Government endeavors to work with the business community and support them where they are lagging behind,” he said.

He disclosed that his ministry will engage other stakeholders such as the Citizens Economic Empowerment Commission and some viable SMEs to find ways of how challenges faced by the sector can be addressed.

He stated that economic transformation requires a holistic approach to addressing the multi-faced constraints affecting SMEs.

Mr Mubanga further said his ministry is in a hurry to empower people through various business ventures so that people access funds.

“I encourage people to form co-operatives because this sector is a game changer and making a significant impact in the lives of the people,” he said.

And Clara Moonga, a marketeer at Zimba Main market gave a testimony that her business has sharply progressed upon being empowered K1, 000 in September, last year.

“I obtained K1, 000 from the Ministry of Small, Medium Enterprises Development and my business is progressing well. I commend Government for empowering me,” she said.

The Minister is on a conducted tour to check on the performance of SMEs in Zimba, Kalomo and Livingstone in Southern Province.


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