Four growth sectors have been identified as having the greatest potential to achieve the objectives of promoting growth, says Commerce Minister Margaret Mwanakatwe. These four growth sectors are expected to create 1 million jobs in the formal sector in the next five years.
Speaking during the COMESA second committee meeting on industry held on September 6, Ms. Mwanakatwe says the growth which has been taking place has been capital intensive.
She says this has prompted the government to craft a ‘strategy on industrialization and job creation to be funded through foreign and local investments.’
Ms. Mwanakatwe said that the major investments which have so far taken place have been in the technology intensive sectors, and the other sectors which are more labor intensive have not been fully exploited.
Despite the Country’s improved economic performance since 2001 which is evidenced by the increased inflow of foreign direct investment, joblessness and poverty have remained high in the country.
And COMESA Assistant Secretary General Ambassador Dr. Kipyego Chelugel said that,
It is sad that trade among COMESA member states has continued worsening rather than improving .
Mr Kipyego said the percentage of intra COMESA trade as measured by the ratio between exports to other member states compared to exports outside the region was at 10 percent in 2015 compared to 8.8 percent in 2013.
It is encouraging that the government is aware of the many sufferings of the Zambian people and has put in place plans to help the people who have given them the power to govern.
Despite the Commerce Minister’s pronouncement that there were four growth sectors identified, she did not mention any of them. Efforts to get the four sectors named have proved futile to the Minister’s office.
This article will be updated accordingly when the 4 growth sectors are revealed.