TENDAI BHEBE IN BULAWAYO
President Emmerson Mnangagwa has urged the Micro, Small and Medium sized Enterprises (MSMEs) to formalise their businesses to enable them to grow.
He made the remark at a graduation ceremony for MSMEs for the Matabeleland region in Bulawayo on Friday last week.
Mnangagwa said the formalisation was critical for the growth of businesses as it creates opportunities for fostering linkages with peer MSMEs, business support service providers, big corporates and financial institutions.
“It is also vital in building trust and good relationships which are important attributes in catalysing the growth of your business operations,” he said.
The MSME 2021 Survey revealed that the sector is made up of 3.4m businesses and provides full time employment to over 4.8m people.
Mnangagwa also urged SMEs to continue leveraging on technology and digitisation, as it has become an important catalyst for enterprise growth and transformation to reach new markets.
MSMEs have become a major pillar of the economy and are expected to aid the growth of exports to US$14bn per annum by 2030.
This makes enhancing support for the sector a top priority as Zimbabwe moves the economy up the value chain.
The sector’s contribution is being felt mainly in the food and nutrition security, economic growth, and stability through the production of goods and services, employment creation, and the sustenance of livelihoods.
Mnangagwa also said MSMEs should create employment opportunities, rural industrialisation and better usage of local resources in a bid to promote and boost the country’s economy.
He said SMEs from the three Matabeleland provinces should value add resource endowments in their provinces, which include among others minerals, baobab, timber, leather, marula, mancimbi and tourist sites among many others.
“By adding value to commodities grown and processed locally, both rural and urban communities will benefit in numerous ways through job creation, improved livelihoods and new markets for agricultural commodities and manufactured products ultimately leading to more vibrant district and provincial economies,” Mnangagwa.
He said government was working on strategies to help improve their business conditions which include improving the enabling legal and regulatory environment, management and technical skills development.
Mnangagwa said production of locally produced goods in the country has resulted in significant savings on foreign currency.
Various MSMEs in different categories from Bulawayo, Matabeleland North and Matabeleland South were recognised and awarded for their achievements in various areas of their business operations.
