caleb m fundanga : importance of entrepreneurship in zambia ’ s economy opening remarks by dr caleb m fundanga, governor of the bank of zambia, at the prizegiving ceremony for intermarket banking corporation venturecomp 2010 business plan competition, lusaka, 28 july 2010. * * * mr ackim sinkala, acting managing director – intermarket banking corporation zambia limited and intermarket securities limited ; mrs beatrice nkanza, general manager lusaka stock exchange ; dr. maurice jangulo, board chairman zambezi airlines ; dr. patrick nkanza, director general teveta ; officials from the ministry of science, technology and vocational training ; chief executive officers of financial institutions and companies present ; distinguished invited guests ; members of the press ; ladies and gentlemen. it is my honour and privilege to officiate at this prize giving ceremony of the venturecomp 2010, k100 million business plan competition. i was honoured at the beginning of this year to have been given the opportunity to launch this competition. i did not hesitate to accept the invitation to officiate at this event as the subject of entrepreneurship and the deserved recognition of the entrepreneurial efforts of young men and women is very close to my heart. distinguished guests, let me from the onset take this opportunity to commend the sponsors of this competition, intermarket banking corporation zambia limited, intermarket securities limited, and their partners, lusaka stock exchange ( luse ), zambezi airlines and teveta for coming up with this excellent and important initiative. it is gratifying to note that applications were invited from all eligible students in various higher institutions of learning around the country. i have also been informed that although only four teams have been shortlisted, the response from the young entrepreneurs was overwhelming with about 75 total applications received. i am certain that the winning team will be worthy winners of the k100 million business loan sponsorship prize. further, i have been reliably informed that the competition will become an annual event and prize money will be increased in future years, which indeed is commendable. i am certain that the award will provide a great incentive to our young men and women to be innovative and develop business ideas. the initiative will also improve the level of entrepreneurship in the country which is lacking at the moment. mr chairman i once again applaud you and your co - sponsors for this long term commitment to this award programme. distinguished ladies and gentlemen, allow me at this moment to highlight the importance of entrepreneurship in our

also be key in raising public awareness on the need for continuous innovation among our youths. as you are aware, the engine of the fast growing economies such as china and india is the innovation and creativity of the young entrepreneurs in those economies. it is incumbent upon us therefore to also encourage our youths to take up their rightful place and contribute to the country ’ s development. 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 the borrowing public in general. it is therefore gratifying to note that this evening, we celebrate and showcase the depth of the entrepreneurial talent that is flourishing in our schools of higher learning. it is also heartening to see these young men and women putting up high quality business proposals of a diverse range of projects. this speaks well for the inventiveness of our learning institutions and is a very welcome development indeed. ladies and gentlemen, this initiative represents a major milestone in developing linkages between the industry and tertiary institutions which is key in bridging the gap between expectations of employers and those of the labour force. it is also testimony that we have financial institutions and business entities that are willing and committed to promoting private entrepreneurship among young people in our country at the level of start - up businesses. once again, i commend the sponsors and their partners for this important initiative. i am certain that your efforts will go a long way in contributing to the building of an entrepreneurial society in zambia. this is a task not only for you but for everybody. i wish to urge in particular, the education system in zambia to enhance their efforts in promoting positive attitudes towards entrepreneurship in the institutions of higher learning. i further call on the media to play its rightful role in educating the masses and the youth in particular on the importance of entrepreneurship and indeed to give more coverage to zambians who have succeeded in entrepreneurship in order for our youths to be motivated. i also wish to urge other banks and financial institutions to emulate intermarket banking corporation to develop such well meaning initiatives for this is indeed good corporate social responsibility. i am sure that there are a number of entrepreneurs all over zambia who are in dire need of that seed capital as well as the initial push to realize their dreams. i have in mind here the very innovative entrepreneurs in mutendere, kalingalinga, garden compound, mandevu and several other industrial clusters in our country who are trying to do their best but