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. LT
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