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Prosper Ndlovu Deputy News Editor
ONE hundred small to medium enterprises (SMEs) in Bulawayo were yesterday upgraded into formally registered companies as the government seeks to increase their contribution into the economy.Senior Minister of State Cde Khaya Moyo presided over the historic event that began with a tour of the SMEs exhibitors’ stands at the National Gallery and ended with a graduation ceremony at a local hotel.
“The government has always valued the immense contribution that SMEs make towards economic empowerment and growth,” said Cde Khaya Moyo in his keynote address.
He said the upgrading of the city’s SMEs shows the viability of the entities and their potential to grow into fully fledged firms.
Cde Khaya Moyo said government was confident the sector “will play a pivotal role in spearheading value addition and beneficiation in the Zim-Asset cluster.”
The 100 SMEs were drawn from different sectors of the economy such as timber processing, engineering, manufacturers of building materials, leather industry and honey processing.
The Senior Minister of State said he was pleased with exhibitions and quality work done by the budding businesses.
He urged them “to consolidate their superb achievements so far by thriving to grow bigger as they continuously improve their products, quality and finding new markets.”
The upgrading of the SMEs ran alongside a workshop under the theme, “Enhancing Value-Addition by SMEs and Cooperatives through Innovation and Technology”.
Cde Khaya Moyo underscored the need for SMEs to adopt the use of modern technology in enhancing their business efficiency and urged financial institutions to support the growing sector.
“I believe this is a lucrative niche market for financial institutions because the sector provides ample opportunities for innovative banks to grow their product brands,” said the Minister.
He added that the Ministry of Small to Medium Enterprises and Cooperative Development headed by Cde Sithembiso Nyoni would assist the newly registered firms to link up with regional players and tap their market.
SMEs are said to have graduated from one level to the next if they have attained or surpassed certain thresholds in terms of employment levels that is one to 75 employees depending on the sector, turnover of up to $3 million and an asset base of up to $2 million excluding immovable assets.
Mines and Mining Development Minister Cde Walter Chidhakwa also attended the event.
Online Reporter