Melo News | Wednesday, June 12, 2024 | Lusaka
Finance and National Planning Minister Situmbeko Musokotwane emphasized the importance of regional trade and economic integration in Africa during the 2024 Chief Economists of Government Network-CEOG Annual Forum in Lusaka.
Dr. Musokotwane highlighted that by strengthening policies that encourage regional trade, African countries can create larger markets and enhance job opportunities across borders.
He emphasized the need for harmonizing regulations and standards to facilitate business operations and investments within regional blocs, as this would contribute to the objective of job creation.
Additionally, Dr. Musokotwane urged African countries to adopt policy options that improve the business environment by reducing the cost of doing business, addressing corruption, streamlining bureaucracy, enhancing the rule of law, and attracting investments.
He also encouraged the promotion of industrialization and diversification in sectors such as manufacturing, agriculture, and services, which can contribute to economic diversification in the medium to long term and reduce dependency on traditional sectors like mining.
The World Bank Country Manager, Achim Fock, also highlighted the immense opportunities for inclusive growth and job creation in Zambia and Africa as a whole, and expressed optimism that the forum would provide a platform for learning from each other and overcoming constraints to reap the benefits of integration.
