Creation of SMEs ministry cheers informal sector

ZAMBIA Macro and Small Traders Foundation Cooperative (ZAMAST) has been elated by the creation of the ministry of Small and Medium Enterprises by President Hakainde Hichilema.

ZAMAST president, Teddy Sinkala, said they have no doubt the ministry will positively contribute to the country's economic development especially in addressing challenges facing the informal sector.

The new ministry should work towards improving and formalising the informal sector. Once the ministry is funded, it will create employment in the informal sector.

Mr Sinkala said in an interview that with the direction that the new dawn government has taken, it is clear that the country was on the right path of economic recovery.

"The new ministry should work towards improving and formalising the informal sector. Once the ministry is funded, it will create employment in the informal sector.

"We are very grateful for that ministry and it also agrees with the 8th National Development Plan. It has four pillars, namely economic transformation and job creation, environmental sustainability, human and special development and good governance environment which they are creating as at now,” he said.

Mr Sinkala pledged that ZAMAST would work closely with the new ministry and participate in pushing the developmental agenda forward.

“There will be transition of informal sector to informal sector. That means that it is going to help because it is in direct contact with those in the informal sector.

“From the 2022 budget, we are expecting the budget to concentrate on national productivity and accelerate the information sector. If the informal sector is addressed, the government will benefit from the tax base," he said.