The Zambian government said on Monday that it will focus on ensuring the growth of the export sector as it is paramount to the country’s economic growth.
Situmbeko Musokotwane, minister of finance and national planning, said the government has realized the need to reorganize the economy into export-oriented mode, hence its decision to introduce incentives in the manufacturing sector.
In remarks delivered during a 2024 national budget symposium, the minister said the government’s agenda to grow the economy has remained a huge challenge because the country is not competitive and export-oriented.
The symposium, which attracted participants from key economic sectors, was meant to discuss issues unveiled in the 2024 national budget released last Friday.
According to the official, the incentives provided to the manufacturing sector were meant to encourage increased production and exports.
He further said incentives, apart from being vital in growing the economy, were also key to enhancing revenue contribution.
Meanwhile, the minister said national budget credibility has been enhanced as money approved by parliament is being spent on intended programs, unlike in the past.
Musokotwane said it was common in the past to divert money budgeted for programs to emergencies, which affected the smooth implementation of programs.
Felix Nkulukusa, secretary to the Treasury, said during the same event that the 2024 budget will not only seek to address the high poverty levels in the country but also increase investments.
The government, he said, is not looking at quick fixes but ensuring that there is sustained economic growth, which is vital for poverty reduction and job creation.
