Small and Media Enterprises (SMEs) account for the majority of businesses worldwide and are important contributors to job creation and global economic development. SMEs represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies.
SMEs are essential for a competitive and efficient market. More than that, SMEs are critical for poverty reduction. Many of the innovative products, new delivery models and general innovations are often driven by the SME sector.
The Government of the Republic of Zambia has established the Ministry of Small and Medium Enterprises. In tandem with the policy direction of the new dawn administration, ZCSA will strive to revise the fee structure for the SMEs to allow for upcoming enterprenuers to thrive and help revamp the economic business environment in Zambia.
For the majority of Zambian citizens, it is their expectations that UPND administration will implement policies that will boost business and accelerate infrastructure development. Many are optimistic that the Government will develop sound economic policies that will ensure attraction of more investment opportunities.
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