Banks urged to finance manufacturing revival

Zambia’s mining and banking
sectors hold the keys to reviving
the country’s manufacturing
industry, according to Bank of
Zambia (BoZ) governor Michael
Gondwe.
Speaking at the opening of a new
Stanbic branch in Ndola’s Jacaranda
Mall in June, Gondwe is quoted
by the Times of Zambia as saying
“various mining companies require
sub-contracting and supplies of
various goods and services. It
should be the objective of local
business houses to ensure that the
goods supplied to the mines are
largely produced here and I urge
the banks to develop products and
services for these segments.”
While the mines have limited
potential for job creation, jobs
can be created by enhancing
local content through industries
supplying the mines, he said.
Investment by foreign-owned
companies is being encouraged
by the Zambian government,
which has introduced a range of
incentives.
According to the Zambian
embassy in Sweden, there are
opportunities in agro-processing,
textiles, motor vehicle and bicycle
assembly, as well as leather and
wood processing.
The message is being heard,
judging by the numbers through
the gates of the annual Zambia
International Trade Fair, which was
held in Ndola between June 26 and
June 28.
According to the organisers, the
fair attracted 108 000, which is 21%
more than the 85 000 who passed
through the gates in 2012.