Business

Govt approval of SI number 110 gets ZAM nod

Newly appointed Minister of Finance Situmbeko Musokotwane taking oath during the swearing-in ceremony at State House yesterday. Picture: ROYD SIBAJENE/ZANIS

DARLINGTON MWENDABAI, NKOLE MULAMBIA, Lusaka

ZAMBIA Association of Manufacturers (ZAM) has welcomed Government’s approval of Statutory Instrument (SI) number 110 of 2020, which exempts manufacturing companies from paying customs duty on imported raw materials which cannot be sourced locally. And the Ministry of Commerce and Trade has called on ZAM and the Zambia Chamber of Commerce and Industry (ZACCI) to produce quality goods for the country to benefit from the African Continental Free Trade Area (AfCFTA). Minister of Finance and National Planning Situmbeko Musokotwane last week approved 17 applications from manufacturers who had applied for relief on payment of customs duty on imported raw materials scarce on the local market.
In a statement issued yesterday, ZAM chief executive officer Florence Muleya said the SI will help to promote value addition in the manufacturing industry. Ms Muleya said other benefits include reduced production costs, which in turn will increase the profitability of manufacturing companies. “We also expect price stability because of the depreciation of the Kwacha,” she said. Ms Muleya said the expansion of Zambia’s manufacturing base entails CLICK TO READ MORE




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