Zambia Chamber of Commerce and Industry (ZACCI) has urged the government to expedite the legislation of local content in the mining sector.
According to ZACCI President Anthony Kabaghe, the Chamber anticipates the positive impact of local content implementation in the mining sector to pave the way for sustainable development and prosperity of Zambia.
Mr Kabaghe explained that embracing local content stimulates economic growth by fostering entrepreneurship, supporting local businesses and may lead to job creation and wealth generation.
He added the need to prioritise local content for building resilience by reducing vulnerability to global market fluctuations and geopolitical uncertainties, a lesson underscored by recent events such as the COVID-19 pandemic and the Russia-Ukraine conflict.
Mr Kabaghe also stated that investing in local content empowers citizens by providing them with opportunities for skill development, employment, and entrepreneurship, among other economic avenues.
“ZACCI acknowledges the crucial role of promoting local content in integrating local industries and Small and Medium Enterprises (SMEs) into the sector’s value chain, a move essential for economic growth,” Mr Kabaghe said.
ZACCI President further indicated the importance of establishing an independent commission, to oversee local content regulations that can ensure fairness, transparency, expertise, stability, reduced political interference, and enhanced credibility in policy implementation.
He stated ZACCI’s dedication to promoting industry growth and innovation, saying that the Chamber will continue to facilitate and enhance foreign direct investment.