Industrialisation key to economic growth-Fundanga

INDUSTRIALISATION is crucial to the growth of the economy and therefore must be supported by all well meaning Zambians, says former Bank of Zambia governor Caleb Fundanga.

Dr Fundanga said President Lungu should be supported for embracing the industrialisation strategy for the benefit of the people of Zambia.

He said through industrialization jobs could be created with value addition to the numerous materials that Zambia exported in raw form.

He said the promotion of industrialisation would provide jobs and improved economic performance in Zambia, saying President Lungu had embraced such an agenda to benefit Zambians.

Dr Fundanga said Zambia was endowed with abundant natural resources which should benefit its people, saying the just ended summit on manufacturing, industrialization and value addition was important for driving the economy.

“Despite the huge resources, there is little being done to add value to these resources and with this agenda on industrialization, we need to support the President for this agenda which has been embraced for the benefit of our people,” he said.

Dr Fundanga was commenting on the recently held SADC Heads of State summit in Zimbabwe to approve the regional strategy and road map on industrialisation for the benefit of the citizens in the region, including Zambia.

The Heads of State last week approved the SADC industrialisation strategy and roadmap which was developed through a consultative process involving all relevant stakeholders, to foster economic growth and advancement at the national and regional levels.

Minister of Commerce, Trade and Industry Margaret Mwanakatwe said the Government would ensure that all industrialization strategies it embarked on addressed job creation and youth unemployment in Zambia.

Mrs. Mwanakatwe said the Government was mindful of the fact that Zambia was still a long way to go in terms of industrialization and job creation hence the need to harmonize the two agendas.

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