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An agreement to promote orderly trade by ensuring businesses are conducted in a regulatory manner has been signed between the Patents and Companies Registration Agency (PACRA) and Zambia Institute of Chartered Accountants (ZiCA).
The Memorandum of Understanding (MoU) signed on Monday is also meant to deal with bottlenecks faced by businesses.
PACRA acting Registrar and Chief Executive Officer, Wilson Banda, said the MoU would promote mutual assistance and exchange of information to enable the two regulatory authorities perform their respective functions.
“This MoU will address a number of issues, among them is promoting orderly trade. We are talking about business operating in a legal and regulatory manner and not disadvantaged.
“One of the areas of concern is the fact that some business is registered and go out there speak differently. It is important for PACRA that we have such relationships to ensure compliance,” Banda said at the signing ceremony.
He urged other institutions to partner with PACRA in promoting legal trade.
Read more: Company registration agency, PACRA, exceeds target to register over 11,000 businesses
ZiCA Chief Executive Officer, Anthony Bwembya, said the partnership represented an opportunity to deepen its engagement with the business opportunity.
Bwembya said the partnership also presented an opportunity for ZiCA to enhance its understanding of the needs and challenges faced by companies operating in Zambia.
“For PACRA, we believe that our collaboration will help to strengthen the regulatory environment in which businesses operate and will promote good governance transparency, leading to an overall economic growth of our country.
“Our aim is to establish a framework for mutual assistance, to facilitate exchanges of information and resources, and to collaborate on initiatives that will benefit both our organisations,” he said.
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