The Private Sector Development Association has commended government for embarking on the creation of industrial clusters and multi facility economic zones in all provinces.
PSDA chairperson Yusuf Dodia said the initiative was viable and important to the development of the local manufacturing industry and value addition to local products.
Mr. Dodia said the initiative will also propel small and medium scale enterprises which are a mainstay of developed economies such as China and Germany.
He noted that it was important for the country to learn and adopt policies that have been employed by the world’s strongest economies enroute to gaining economic stability.
Mr. Dodia has however urged government to guard against mismanagement of these industrial groups so that private sector investment growth is enhanced.
He noted that although the creation of industrial clusters may be viable, the plan could face a setback if not properly managed.
Mr. Dodia has since implored local investors to recognize that Zambia’s economic development was largely dependent on the creation and growth of local investment.
Recently, the Ministry of Commerce, Trade and Industry unveiled its 2011-2015 strategic plan which will focus on the creation of industrial clusters in every district.
The initiative is aimed at improving value addition to various local products thereby promoting the local manufacturing sector to contribute immensely to the country’s gross domestic product