Thursday 16 February 2017

ZAMBIAN GOVERNMENT TO DEVELOP A STRONG TECHNOLOGY DIVERSIFIED ECONOMY
Zambia’s Commerce Minister Margret Mwanakatwe says there is need to develop a strong technology-based diversified and export focused manufacturing sector which is self-sustaining as part of the country’s development strategy.
Speaking at the Eastern Province symposium on development in Chipata district this morning, Ms Mwanakatwe said the country should also be dynamic, resilient to external shocks and competitive with effective entities that add value to locally abundant natural resources.
She said to this effect, Government will facilitate the up scaling of manufacturing sector towards higher value addition, and upgrade capacity in the provision of related services.
Ms. Mwanakatwe noted that government has placed emphasis on transforming industrial businesses and complementary services into strong value creating entities.
She noted that locally available resources are not sufficient to finance Zambia’s development appetite saying both domestic and foreign direct investment remain important to the country’s development agenda.
She also stated that  Zambia is focusing on value addition of locally produced goods for  increased domestic and foreign  market  earnings, and development for  both hard and soft infrastructure such as roads, e-commerce and border facilities.
The Minister of commerce also stated that in order to promote industrialization, Government accessed US$50 for lending to Micro Small and Medium Enterprise (MSMEs) to enable them contribute to wealth and creation of employment.
“Through the Citizen Economic Empowerment (CEEC,) government is providing empowerment funds, technical support and mentorship programmes. My Ministry has also been encouraging MSMEs to tailored financial products,” she said.
And Minister of Agriculture Dora Siliya said that agriculture there is need to address threats that affects the agriculture sector for improved agriculture industry.
Ms Siliya noted that agriculture is one of the key sectors that contribute to the country’s job creation.
“Government is to this effect, putting in place stringent measures to ensure that challenges faced during the distribution of inputs in the 2016-2017 farming season are addressed. There is also need to increase production in the agriculture industry especially at household level,” She said.
The Minister further called on farmers to always consider farming as a business by embracing value addition to their produce and engaging in crop diversification which is vital in improving income generation at household level.
Meanwhile, Eastern Province Minister Makebi Zulu explained that the aim of the symposium is to bring stakeholders together and identify bottlenecks that affect the development agenda for the province.
Mr. Zulu said being an agro based and the largest producer of commodities such as maize, groundnuts and cotton, the province is still importing most of its finished products such as mealie meal and peanut butter.
“We are keen to promote and localize improved value chains in agro processing and its infrastructure development through the creation of an enabling environment for private enterprise to thrive and promote sustainable public private partnerships,” he said.
He noted that Government looks forward to a time when the farmers will be self-sustaining through improved systems of out grower schemes, mechanization of farming, best farming methods and crop diversification through extension services and promotion of agro processing.
And Paramount Chief Mpezeni of the Ngoni people of Eastern Province said traditional leaders in the province have committed themselves to do away with negative traditional norm and practices that hinder the development process.

Speaking through chief Madzimaweof the Ngoni people of Chipata district, Paramount chief Mpezeni said that chiefs are happy that government recognizes traditional leaders as partners in national development saying there is need for government to embrace and co-opt all levels of leadership for sustainable development.
INSURANCE PENETRATION GROWS IN ZAMBIA.
Insurers Association of Zambia president Paul Nkhoma has indicated that insurance market has recorded a 19 percent growth in 2016 compared to 17 percent in 2015.
Mr. Nkhoma says the market premiums are estimated to reach K2.5billion, with general insurance premiums contributing K1.7billion with the life premiums contributing 864 million.
In a statement He says for the first time in over a decade the general insurance premiums have grown at a faster rate than the life insurance premiums posting a growth of 23% (2015: 14%), while the life insurance premiums growth was only at 12% (2015:14).
Mr. Nkhoma says the contributions of insurance premiums to the country’s GDP however continue to be dismal contributing about 1.2%.
The African average is 3.5%, meaning that the premiums are supposed to be around K7 billion for the country to catch up with the African average

The Insurers Association of Zambia has revealed that only 2.8 percent of adult Zambians are insured.