Minister of Commerce, Trade and Industry Christopher Yaluma says cabinet has approved the National Industrial Policy which will compel industries operating in Zambia to process raw materials into finished products in order to accelerate economic growth for the country.

And Yaluma says his ministry has finished reviewing the Trade Policy which has been submitted to other ministries for consultations which, once approved, will enable Zambia become an equal trade partner both at regional and continental level.

According to a statement issued by Zambia’s High Commission to South Africa, First Secretary Press and Public Relations Naomi Nyawali, Tuesday, Yaluma was speaking on the sidelines of the SADC Council of Ministers’ Conference held in Pretoria, South Africa.

Yaluma observed that processing of raw materials into finished products would help revive the manufacturing industry in Zambia.

“The revised policy will help promote the creation of more industries in the country. Industries across all sectors that were getting raw materials locally will be expected to start adding value to such materials in order for the country to draw tangible maximum benefits from them. The move will help create employment for the local people as well as increase government’s revenue base. Value addition to local raw material will further create business opportunities for local Small and Medium Enterprises through supply of goods and services, hence, helping government achieve its goal of wealth creation for all its people,” Nyawali quoted Yaluma as saying.

And Yaluma said his ministry had finished reviewing the Trade Policy which had been submitted to other ministries for consultations.

He said government was developing the revised and stand-alone Trade Policy in order to bring it into tandem with the aspirations of the Africa Continental Free Trade Area which Zambia was expected to sign once consultation processes were finished.

Yaluma mentioned that once the revised Trade Policy was approved, it would prevent the dumping of goods and services into the Zambian market from other countries.

He said the Trade Policy will enable Zambia become an equal trade partner both at regional and continental level.