Education sector must stimulate entrepreneurship
30th July 2010
By Business ReporterBANK of Zambia (BOZ) governor Caleb Fundanga has urged stakeholders in the education system in Zambia to enhance their efforts in promoting positive entrepreneurship attitudes in institutions of higher learning.
Dr Fundanga said the education and training sector should play a critical role both in developing entrepreneurial mindset and in equipping future entrepreneurs with the necessary skills to successfully position new enterprises and manage their development and growth.
The governor was speaking in Lusaka on Wednesday evening during the prize giving ceremony in the VentureComp 2010 K100 million business plan competition, a joint business development competition for college and university students initiated by Intermarket Banking Corporation in partnership with the Lusaka Stock Exchange (LuSE), Zambezi Airlines and Technical Education, Vocational and Entreprenuership Training Authority (Teveta).
He said that Zambia’s education system needed to create a thriving entrepreneurial culture that had the potential to make a substantial contribution to the economic and social development and to achieving a balanced growth.
“However, if we are to build a much greater number of competitive and innovative business in Zambia, then we will need to see may new businesses being created now and in the years ahead,” he said.
Dr Fundanga said Zambia needed to build a good entrepreneurial base which contributes to wealth creation and economic development in order for the country to fair well in the increasingly competitive global market.
There was need for more Zambians to own successful businesses that would compliment foreign investments, as it was essential that a lot more local businesses engage in economic activities such as mining, construction, manufacturing and tourism.
“This can only be possible through innovation and risk taking by indigenous companies with potential to grow and succeed not only in Zambia but also in international markets,” he said.
Dr Fundanga said the engine of fast growing economies such as China and India was based on the innovative and creativity of the young entrepreneurs.
“It is incumbent upon us therefore to also encourage our youths to take up their rightful place and contribute to the country’s development,” he said.
Furthermore, banks and financial institutions in Zambia have in the past lamented the low levels of banking and economic knowledge among graduates from tertiary institutions as well as borrowing public.
Dr Fundanga commended Intermarket Bank, LuSE, Zambezi Airlines and TEVETA for promoting young entrepreneurs at higher learning institutions through the VentureComp K100 million Business Plan Competition.
[Times of Zambia]
