COMMERCE, Trade and Industry Minister Margaret Mwanakatwe says poverty can only be defeated by promoting entrepreneurship among the locals.
Ms Mwanakatwe said foreign investments were only useful in supplementing local efforts.
Ms Mwanakatwe said the Patriotic Front (PF) Government is focused on developing a vibrant micro, small and medium enterprise sector by providing ease and cheap cost of doing business in the country.
“Government is aware that economic development can only be achieved if the local businesses are empowered and it is important for businesses to register with PACRA as it is easier to loan out money to a business entity than an individual,” Ms Mwanakatwe said.
Ms Mwanakatwe said this yesterday during the official opening of the Patents and Companies Registration Agency (PACRA) branch in Kabwe.
She said local business entities could only grow if they were recognised and registered.
Ms Mwanakatwe said Commercial Banks and other financial institutions could only extend credit finance to businesses that were registered hence the need for local businesses to register their business with PACRA.
She added that Central Province had a lot of youths running businesses in various sectors and needed to be encouraged to formalize their businesses by registering with PACRA.
Ms Mwanakatwe urged PACRA to devise programmes targeted primarily at promoting youth entrepreneurship and intellectual property administration activities as a tool for economic development.
Meanwhile, chairperson of PACRA Board William Nyirenda said the agency would before the end of the year introduce on-line business registration systems.
“I want to take this opportunity to inform our existing and would be clients that by the end of the year, we will be introducing internet registration, this development will be a milestone and will place PACRA ahead of many registries not only in Africa but globally,” Mr Nyirenda said.
Mr Nyirenda urged business communities in Kabwe and the country at large to give PACRA all the necessary support and ensure that they file their annual returns as required by law.
Central Province Minister Davis Chisopa said he was proud of the statutory bodies which have continued striving to work towards reducing the cost of doing business.
Madam before you lecture us on business, have you paid back the money?
Hope Nyirenda doesn’t mwanawasa Marget
Mrs Mwanakatwe you’ll be the next in Mrs Nawakwi’s firing line. This is not the best time for you to talk. You just undeservedly got a CEEC loan and you have not been paying back so that the money can be revolving among small entrepreneur businesses. How do you then expect the sector to be driven without cash flow? You are a political disaster and hypocrite who does not even believe in what you are saying. Think, you are a minister.
Said the woman entrepreneur who failed to pay back a loan. In short she is saying you can defeat poverty by just getting a huge loan and eating the loan money.
what the lady is saying is what HH has been saying and it wont make sense in PF. In PF only making money from road tenders is what makes sense. Let her join UPND.
The madame is gradually settling down in her ministry and signs are good. The woman is a Performer and things have started moving in this ministry. As usual the Cartel wont like to see people performing, and they will try to pull her in the mud. Some Zambians really make me sick. Look at the noise Rev Matale, Pamela Chisanga and some other megaphones were making on the Windfall taxes. Government introduced Mineral royalties to 20% they were nowhere to defend the government and instead rushed to defend the mining industries. Government revised the taxes to 9% , they again rose up and started condemning the government. This Zambia is very sickening. Madame Mwanakatwe remain focused and work hard. You have my support.
And what have you got to say about her defaulting in the entrepreneurial loan?
Are you telling me that you are not aware of the fraud she and her husband have committed? Or are you defending her because you live in a glass house?
You are quite sickening and rotten to the core too.
How can poverty be defeated if you as a minister get ceec fund which is meant for the poor?you are very stupid minister.You are corrupt nincompoop l don’t know how you were appointed to that post of a minister.prostitute!
How can poverty be defeated if you get ceec fund which is for the poor?you are the worst minister corrupt nincompoop prostitute and I don’t know how you were appointed to the post of minister galu iwe
This newlook of LT is very boring. What went wrong with the old system? Just asking.
After squandering the money meant for the small business people, she shamelessly is now lecturing the small business people on how to succeed. What a hypocrite. Should have just kept quite.
These African leaders never cease to amaze me with their greedy wanton corruption
Bana mwanakatwe, ukusambilila kwenu kwakwibila fwebalanda, the money you got from ceec was for small scale business men, who just needs a capital of 2000 pin, so imagine how many marketers would have benefited,