• Entrepreneurs are largely represented amongst MSMEs.
• Revised MSME Policy is highly anticipated.
• The Policy should promote M-SME growth and development by introducing higher turnover brackets.
Ndola & District Chamber of Commerce and Industry says it expects new Micro, Small & Medium Enterprises (MSME) Policy to re-define and re-classify the sector in a way that does not expose players to unfair competition.
Speaking in an interview with Money FM News, Chamber President Paul Chisunka said the Policy should promote M-SME growth and development by introducing higher turnover brackets and employee thresholds, accord them better tax and regulatory treatment, as well as reduced statutory fees.
Mr. Chisunka further explained that single licensing, simplified administrative procedures and reduced paperwork for M-SMEs registration and compliance will provide immediate financial relief and encouragement for the players to regularize themselves and become compliant.
“On the Policy and regulatory front, entrepreneurs are largely represented amongst MSMEs so the Revised MSME Policy is highly anticipated.”
“If we do it properly, it will result in a higher rate of expansion in the Zambian economy through the combined economic activities of various MSMEs spread across the country in both urban and rural areas,” Mr. Chisunka said.
He added that Zambia needs infrastructure and deep rooted synergies involving Government, Academia, Private Sector, Civil Society, and Development Partners to build a critical mass of entrepreneurs.
“This will allow us to draw powerful capabilities and resources that each respective stakeholder is able to bring in the form of policy, research, commercial skill, best practices, capital and international facilitation.”
“The combination of these factors will create a sustainable business ecosystem that links entrepreneurs to indispensable partners, therefore making it possible to undertake profitable ventures in a socially and environmentally responsible manner that benefits communities and generates revenue for the government,” he added.
Government is in the process of revising the Micro, Small and Medium Enterprises (MSME) Policy and developing the first Economic development policy to ensure that business development in Zambia is aligned with global trends.