By HELEN ZULU –
THE National Economic Advisory Council (NEAC) has advised the Government to review incentives aimed at promoting growth of the local private sector in the country.
NEAC executive secretary Webby Wake said having viable incentives would stimulate growth of local enterprises and subsequently grow the export base.
The Government should provide commerce and trade incentives for exporters to expand the country’s export base.
In order to grow exports, Mr Wake said Government should provide commerce and trade incentives to exporters and importers of intermediate inputs to expand the country’s export base.
This, Mr Wake said, should include access to a variety of foreign exchange risk exposure products, trade credit and trade tax incentives.
He said this when he appeared before the Parliamentary committee on economic affairs chaired by Mazabuka Central Constituency Member of Parliament Garry Nkombo.
“In order to grow exports, Government should provide commerce and trade incentives to exporters and importers of intermediate inputs to expand the country’s export base.
This should include access to a variety of foreign exchange risk exposure products, trade credit and trade tax incentives,” Mr Wake said.
He also said Government should promote the growth of the micro, small and medium enterprises (MSMEs) including a focus on cooperatives development.
Mr Wake said this should be done by ensuring that all investments with foreign capital ownership should have at least 50 per cent local ownership with regard to shareholding and management.
He said Government should avail finance to Zambians for equity participation in foreign investments with a provision that  exporters should receipt all export revenues in the country.
This would improve on the availability of foreign exchange and increase foreign exchange reserves.
“In this regard, the Industrial Development Co-operation and the  Zambia Development Agency in particular, should review its incentive provision to promote the growth of the local sector and encourage its participation in all foreign initiated investments,” Mr Wake said.