Entrepreneurial growth spurs GDP

WOMEN Affairs, Community, Small, and Medium Enterprises Development, Monica Mutsvangwa, has said that increased entrepreneurial activities and supportive Government policies for business have led to consistent, strong economic growth over the last three years.

She said this at the recent 8th World Investment Forum, in Abu Dhabi, United Arab Emirates.

Minister Mutsvangwa said 2021 saw economic growth of 8,5 percent, last year of 6,5 percent, and 4,1 percent projected for this year.

She said Micro, Small, and Medium Enterprises (MSMEs) constituted more than 90 percent of all businesses in Zimbabwe and provided employment to more than 80 percent of the working population.

“More and more families are gainfully employed and therefore better-placed to fend for their families, ensuring that the quality of life for most Zimbabweans is improving,” she said.

Minister Mutsvangwa implored governments across the world to prioritise macro-small to medium enterprises (MSMEs) as they were the key to sustainable development and equitable distribution of resources.

She added that in order to promote long-term entrepreneurial development in Zimbabwe, the Government, in collaboration with various stakeholders, established a comprehensive MSME Policy Framework (2020-2024) to foster co-ordination among all stakeholders, creating a supportive environment for new and growing businesses.

“Globally, entrepreneurship is playing a key role in the growth and development of nations and the achievement of Sustainable Development Goals (SDGs) by fostering innovation, creating jobs, and increasing productivity,” she said.

The minister said there was a need for close collaboration between parliamentarians, policy makers, and the private sector in creating a conducive environment for the sustainable growth of MSMEs where the Government should prioritise dialogue as a precondition to the development of lasting mutually beneficial relationships between these critical arms.

The forum is organised by the United Nations Conference on Trade and Investment’s division on investment and enterprise, and is running under the theme: “Investing in Sustainable Development” which sits well with Zimbabwe’s Vision 2030 of becoming an upper middle-income economy by the year 2030. —New Ziana