State urged to grow manufacturing sector

Fri, 09 Feb 2018 09:33:02 +0000

By MUKOSELA KASALWE

THE Government should vigorously engage more private and foreign investors in the manufacturing sector to help reduce unemployment and increase Zambia’s Gross Domestic Product (GDP), Youth Aid has observed.

Youth Aid chairperson, Kachenga Chungu said the creation of more manufacturing industries in Zambia was a sure way of tackling youth unemployment.

Mr Chungu observed that although government had shown determination to offer jobs through its line ministries such as the recruitment of health personnel and the security wings, it could not create as much jobs as the manufacturing industry.

In an interview, the youth leader urged government to engage the private sector as well as foreign investors and create a business relationship aimed at creating manufacturing industries.

“As Youth Aid we would like to urge the government to hold consultative meetings with the private sector and create a business relationship with local and foreign investors to create manufacturing industries to reduce the high unemployment rate and raise the nation’s GDP,” he said.

Mr Chungu said the current economic environment had potential to attract foreign direct investment and help in employment creation.

He said there was need for consistency in terms of tax policies and other decisions which could affect the business environment.

Mr Chungu said the coming of more manufacturing industries would ensure that the country accrues more foreign exchange through the exportation of tomato juice and other locally made products.

According to a statement issued in London recently, Moody’s Investors Service, a leading financial firm upgraded Zambia’s outlook to stable from negative.

The stable outlook reflects reduced government liquidity pressures and a slowdown in government debt accumulation.