ZAMBIA PLACES SMES AS TRUMP CARD FOR GROWTH
GOVERNMENT will continue supporting Small and Medium Enterprises (SMEs) for the country to attain inclusive sustainable economic growth, Commerce, Trade and Industry Ministry Permanent Secretary, Kayula Siame has said.
Ms Siame observed that SMEs were a valuable vehicle
MANSA Sugar is eying the export market in neighbouring countries as it is expected to inject more investment in the project which started in 2015, the company’s senior accountant Margaret Kumwenda says.
Ms Kumwenda said over US$46 million had been invested in the company for the through which sustainable development of any economy could be attained.
She was speaking at the launch of Impact Capital Africa (ICA) -Zambia in Lusaka.
She said ICA Zambia was a unique initiative dedicated to supporting the development of local entrepreneurs by linking them to investors that deliver high quality impactful investments.
Ms Siame said seven local SMEs had raised over US$60 million to help finance their businesses through ICA Zambia from last year to date.
“We are alive to the fact that Small and Medium Enterprises play a key role in ensuring this inclusive sustainable economic growth and have therefore, placed emphasis on ensuring that Small and Medium Enterprises develop and thrive,” she said
Ms Siame said it was the aspiration of government to see SMEs grow and start competing favourably.
“This is in fact in the line with the focus of the Seventh National Development Plan which emphasises the acceleration production of sugar and that more investment was expected to be injected soon.
She said in an interview in Mansa that the company started producing sugar last December.
“We invested US$46 million from 2015 and we have 700 employees now. Our first of development efforts towards the vision 2030 of becoming a prosperous middle-income country without leaving anyone behind,” Ms Siame said
And Department for International Development (DFID) Zambia head of economic growth, Steve Beel, said there was need to harness the potential of SMEs.
“The development of SMEs plays a key role in eradicating poverty and bringing sustainable development to the country,” he said
Mr Beel said throughout history, sustained, job-creation growth had played the greatest role in lifting huge numbers of people out of poverty.
“We’ve seen it happen at an astonishing rate over recent decades in both China and India, and increasingly see it in Africa too,” He said
Mr Beel said impact investment not only offered a sustainable financing solution for local SMEs but also allowed investors to advance social causes while still delivering competitive market returns. lot in the trail 870 tonnes, competition is there and we are not doing badly. We are producing the best sugar and we are also looking out for the export market,” Ms Kumwenda said.
Ms Kumwenda said the company had set aside 2500 hectares to plant sugar cane.
“There was a survey conducted at Cheembe where we only started with one pivot for irrigation. By the way, all our sugar is grown by irrigation. We are not getting water from the river. If we get it from the river, we then convert it into pivots so we are irrigating the fields.