Zambia can up its GDP by 50%-Savenda

By Chembe Mbale

Savenda Electronics says Zambia has potential to increase its Gross Domestic Product (GDP)  by 50 percent if businesses take advantage of the African Continental Free Trade Area as an export market.

Savenda Electronics Chief Executive Officer JOO CHUNGA says that Zambian businesses can access a market of over 1.3 billion people, with a combined GDP of over 3.4 trillion dollars on African Continental Free Trade Area.

Mr. CHUNGA said this when he made a presentation at the 2024 Zambia Institute of Marketing -ZIM- Conference in Kitwe.

He added that the Continental Free Trade Area offers Zambia a chance to diversify its economy, reduce dependence on copper exports, and increase trade with other African countries.

Mr. CHUNGA further disclosed that Savenda group of companies has managed to export goods worth about 15 million dollars to support the country’s quest to grow its GDP and strengthen the local currency.

And Business Consultant, DAVID KOMBE noted the need for Zambia to prioritise local tourism as a vital contributor to the country’s economic growth and tourism development.