The Regional Director for Southern and East Africa at Consumer Unity and Trust Society (CUTS), Sajeev Nair, has emphasized the importance of promoting domestic manufacturing to reduce dependence on imports at the 2024 Zambia Economic Summit.
The summit, organized by the Economics Association of Zambia (EAZ), is scheduled to take place in Lusaka from 25 to 26, July 2024.
Mr. Nair therefore says the manufacturing sector plays a vital role in the economic growth of many developing economies and urged Zambia to prioritize the sector as part of its growth agenda.
He acknowledged the potential of the manufacturing sector but pointed out challenges such as logistics, high business costs, and expenses related to fuel, electricity, and financing, which he said have hindered its growth.
And Mr. Nair said Zambia faces significant challenges because of being Landlocked and emphasized the need for strategic focus to transition to a developed nation.
He said there is need to increase domestic manufacturing to reduce costs for consumers.
Mr. Nair expressed optimism about the Economic Summit, viewing it as an opportunity for manufacturers, traders, and consumers to collaborate and shape the country’s economic future.
By Eva Hatontola
