Complement foreign investment, Zambians told
By NANCY MWAPE
BANK of Zambia governor Caleb Fundanga says there is need for more Zambians to own successful businesses and complement foreign investments to grow the economy and create wealth.
Dr Fundanga said it is crucial that more local businesses engage in economic sectors to effectively contribute to the country’s economic development. He cited the mining, manufacturing, construction and tourism sectors.
He said this at the prize giving ceremony for Intermarket Banking Corporation Venturecomp 2010 business plan competition in Lusaka on Wednesday night. Zed Bionic of Ndola scooped the prize.
Venturecomp 2010 is a project supported by Intermarket Bank, Zambezi Airlines, Lusaka Stock Exchange and Technical Education Vocational and Entrepreneurship Training Authority.
Dr Fundanga said entrepreneurship plays a central role in assisting a country to meet various challenges such as low levels of employment, social exclusion, urbanisation and rural poverty.
“In turbulent times and with an increasing competitive global market, it is vital for a country like Zambia to have a good entrepreneurial base which should contribute to wealth creation and to the country’s development,” he said.
He said there is need for Zambia to create many new businesses to build a greater number of competitive and innovative industries, adding that the culture of entrepreneurship needs to be embedded by Zambians of all ages.
“It is a fact that a thriving entrepreneurial culture has the potential to make a substantial contribution to our economic and social development, and to achieving a balanced economic growth,” he said.
Dr Fundanga said the engine of fast growing economies such as China and India is innovation and creativity of young entrepreneurs in those respective economies.
He commended Intermarket Banking Corporation for an initiative that aims to promote private entrepreneurship in Zambia to start up a business.
He urged other banks and financial institutions to emulate the bank to develop initiatives for good corporate social responsibility.
Earlier, the bank’s managing director, Ackim Sinkala, said the Venturecomp 2010, K100 million business plan competition, is a real business competition that received overwhelming response from 75 applicants.
The objective of Venturecomp is to support start-ups business such as Micro, Small and Medium Enterprises.