LET’S PROMOTE LOCAL IN INITIATIVES IN MINING – ZACCI

By Arnel Chitundu

THE Zambia Chamber of Commerce and Industry (ZACCI), has urged the Government to expedite the regulation of local content following the examples set by other countries.

In an interview, ZACCI President Anthony Kabaghe said Botswana, Tanzania and the Democratic Republic of Congo were some of the countries regulating local content, which was a crucial enabler for enhancing local commerce and industry.

He said the implementation of local content in the mining sector was important, as it paved the way for sustainable development and prosperity in Zambia.

“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.

He said local participation in the mining sector was paramount to achieving sustainable economic development.

He added that as Zambia recognized the pivotal role of mining in driving sustainable development, the recent developments in the global drive toward green energy underscored the significance of the mining sector to the country’s economic growth trajectory.

He stated that ZACCI remained steadfast in its dedication to promoting industry growth and innovation and the chamber would continue to facilitate as well as enhance foreign direct investment.

He said the local content legislation was a crucial enabler for enhancing local commerce and Industry.

He explained that resilience growth, embracing local content stimulated economic growth by fostering entrepreneurship, supporting local businesses and consequently, leading to job creation, wealth generation and contributing to the overall prosperity of the nation.

He said resilience and security over dependence on foreign resources, posed risks to nations stability, prioritizing local content, built resilience by reducing vulnerability to global market fluctuations and geopolitical uncertainties, a lesson underscored by recent events such as the COVID – 19 pandemic and Russia – Ukraine conflict.

He added that environmental sustainability, local content often involved sourcing materials and services locally, thereby reducing the carbon footprint associated with transportation and promoting sustainable practices.

He stated that the Cultural preservation, supporting local content helped preserve and promote indigenous cultures and tradition.

“By incorporating local products and services, we contribute to the unique identity of our communities, ensuring their rich heritage was passed on to future generations, thereby fostering patriotism”, he said.

Mr. Kabaghe said investing in local content empowered citizens by providing them with opportunities for skill development, employment and entrepreneurship, as the empowerment fosters a sense of pride and belonging, contributing to a more resilient and cohesive society.

He said establishing an independent commission, such as the mineral regulation Commission, to oversee local content regulations could ensure fairness, transparency, expertise, stability, reduced political interference and enhanced credibility in policy implementation.