President Hakainde Hichilema has emphasized the critical role of Small and Medium Enterprises (SMEs) in driving Zambia’s economic development, describing them as the backbone of job creation and the cornerstone of any thriving economy.
Speaking during the official launch of the Growth Investment Partners initiative in Lusaka today, President Hichilema said that when people look at the world’s major economies, they should think SMEs, because it is these enterprises that form the engine behind sustained growth and employment.
“When you see big economies, think SMEs, they are the bedrock of jobs and play a vital role in our country’s growth agenda. We must value and support them.” said President Hichilema.
He underscored government’s commitment to empowering SMEs, through the creation of the Ministry of Small and Medium Enterprises as a deliberate move to prioritize the sector.
President Hichilema explained that the Ministry was established to provide focused support, streamline policy implementation, and drive innovation and financing tailored to SMEs.
Meanwhile, President Hichilema said government is working on addressing rigidities that have been slowing down the operations of SMEs, stating that the aim is to build a more supportive and enabling climate for businesses to thrive.
And Labour and Social Security Minister Brenda Tambatamba said the partnership is a clear demonstration of how social security funds, when managed prudently, can play a vital role in advancing national development, creating jobs, and supporting SMEs.
Ms. Tambatamba said she anticipates extended social security coverage as more SME’s get formalized from the success of this initiative.
By Margaret Mwanza.
