Zambia Prioritizes SME Growth Through Strategic Engagement with South Africa
The Zambian Government has reaffirmed its commitment to strengthening the Small and Medium Enterprises (SMEs) sector through a supportive legal framework and international partnerships.
Speaking during an engagement with South Africa’s Department of Trade, Industry, and Competition in Pretoria, Permanent Secretary for the Ministry of Small and Medium Enterprises Development, Subeta Mutelo, emphasized the sector’s importance to Zambia’s development agenda.
She highlighted SMEs’ role in fostering economic growth, job creation, innovation, and youth participation in national development.
“SMEs are key to the growth of the country by helping youths grow their businesses as they are essential to national development. There is a need to grow SMEs so they can graduate from start-ups to large businesses,” Ms. Mutelo stated.
The meeting, which focused on benchmarking and idea exchange, laid the groundwork for formalizing engagements between the two countries. Ms. Mutelo revealed plans to sign a Memorandum of Understanding to facilitate technical and knowledge sharing to enhance SME sector development.
She also pointed to policies designed to attract private sector collaboration, emphasizing their potential to boost SME growth and drive economic transformation.
Zambia’s Acting High Commissioner to South Africa, Ms. Inonge Mwenya, echoed these sentiments, noting that SMEs contribute significantly to the country’s economy.
She stated that SMEs account for 70% of Zambia’s GDP, 88% of employment, and 97% of all businesses, underlining their pivotal role in domestic and foreign trade.
“By working together, we can create jobs, generate income, and promote innovation to drive productivity and economic growth,” Ms. Mwenya said.
