2009 SME Conference opens in Lusaka

President George Kunda has said Government will continue allocating resources to relevant entities for SMEs’ empowerment in order to increase their contribution to the country’s gross domestic product (GDP).

Mr Kunda said this in Lusaka yesterday when he officiated at the ACCA and Zambia Chamber for Small and Medium Business Association (ZCSMBA) Annual Small and Medium Enterprises Conference.

Mr Kunda said there is need to focus and direct resources to meaningful research and development that will facilitate the invention of new tools, methods, processes and approaches in order to optimize performance and improve productivity.

Mr Kunda said Government is committed to developing public policies and institutional frameworks that contribute to a business environment that is conducive to entrepreneurship and facilitates entry, growth and transfer of ownership which are coherent at international, regional and local levels.

He said Government is committed to ensure that businesses in Zambia remain competitive and more productive “in these unprecedented difficult economic times affecting the whole world”.

“This explains why the government established two key organisations namely the Zambia Development Agency and the Citizens Economic Empowerment Commission both dedicated to promoting local investment in order to stimulate economic growth,” Mr Kunda said.

Mr Kunda said through the entities and other avenues, government will continue to allocate financial resources to foster growth.

He appealed to SME owners and managers and all entrepreneurs to seize the opportunity to be more creative and innovative in their business approaches and strategies such as financial management, taxation, credit control and debt management.

Mr Kunda also urged Zambian business owners to embrace e-business.

“Through the strategic utilisation of e-business within and outside the company’s environment, we expect small businesses to enhance productivity and efficiency and at the same time create new business opportunities and change the way businesses relate to each other,” he said.

Mr Kunda said e-business is swiftly changing the way of doing business and is increasingly having an influence on economic growth in the years to come.

He commended ACCA for supporting the SME sector through its learning and development, research and consultancy initiatives in partnership with ZCSMBA.

Mr Kunda said last year ACCA signed a memorandum of understanding with Zambia Institute of Chartered Accountants (ZICA) and Eastern, Central and Southern Africa Federation of Accountants (ECSAFA), to provide audit monitoring services to ZICA which he hopes will enhance the quality of audit work and improve accountability and transparency in Zambia.

And Minister of Commerce, Trade and Industry Felix Mutati urged the SME sector not to bemoan the financial crisis but turn it into an opportunity.
“We are all affected by this crisis but we need to get up and seize this opportunity,” he said.

ACCA deputy president Brendan Murtagh said SMEs play a key role in the development of businesses.
He said SMEs need to be supported if the economy is to recover at a fast rate. ACCA deputy president, Brendan Murtagh said his association would continue supporting the Zambian SMEs to ensure growth.  Mr Murtagh said the SMEs needed to fully understand accounting regulations, hence the conference which has now become an annual event facilitated by the ACCA. 

In his vote of thanks, ZCSMBA executive secretary, Maxwell Sichula hailed the Government for ensuring the smooth growth of the SMEs in the country. Mr. Sichula also thanked ACCA Regional Director based in South Africa Mrs. Daisy Kopolo for having started the event.

The 2009 Conference was sponsored by ACCA, ZDA, CEEC, Zanaco, Standard Chartered Bank, Stanbic Bank, NATSAVE in collaboration with ZCSMBA.