The government is encouraging investment capital into Zambian businesses. It is also working to create an environment that fosters innovation. The private sector is also collaborating to stimulate innovation. To make this happen, Zambians need to continue burning the entrepreneurial fire and generate innovative ideas. The country can thrive with an innovation story that attracts investors. To learn more, check out the Lionesses of Africa series. There are great success stories from the region.
There are some big conglomerates in Zambia;
Copperbelt Energy Corporation
Konkola Copper Mines
Lusaka Stock Exchange
Standard Chartered Bank
Zambeef Products Plc
Zambia National Commercial Bank Plc
Zambian Breweries Plc
ZCCM Investments Holdings Plc
In Zambia, unemployment is very high, at 13.3 percent. Millennials in the country have not experienced economic hardship on this scale. Those who are employed have not faced these challenges. The youth unemployment rate is even higher at 24.6%. This is a sign of economic hardship that needs to be addressed. It is critical for Zambian entrepreneurs to have a vision and a strategy to achieve this. It is important for them to be disciplined and focused to achieve their goals.
Many entrepreneurs in Zambia are making good money. Some of the products and services they provide cater to the growing class of low-income consumers. Some examples of such products are renewable energy, mobile money services, and agro-processing. The success of these companies will encourage others to enter the market. The government is also working to improve access to finance for small and medium-sized enterprises. To support their development, the government has implemented the Private Enterprise Programme (PEP) in Zambia.
The government has a strategy to encourage entrepreneurs to take the lead in national development. The president of Zambia, Edgar Lungu, has been encouraging indigenous companies to compete with foreign contractors. Apart from reducing corruption, the government is encouraging entrepreneurship and is opening the country’s hinterland to foreign investment. This will help the economy grow. This initiative will create more jobs for people. The government will also help the small business owners by providing technical assistance.
The BPI Zambia programme provides financial support to small-scale entrepreneurs. These companies provide consulting services to assist small businesses. The grants range from ZMW100,000 to ZMW300,000, with the former receiving more funding than the latter. These funds can be used to improve the management of SMEs in Zambia. They are empowering the youths in Lusaka by offering world-class skills. They will also help in the recovery of their businesses.
As the backbone of any country, SMEs are essential to the survival of the economy. It is crucial for a country’s economy to have a diverse and vibrant business community. Without a viable business ecosystem, the average citizen is likely to be a victim of poverty. The majority of SMEs are small and medium enterprises and are therefore prone to facing challenges that are beyond their capabilities. However, with the help of these funds, these businesses can flourish and become successful.