Chronicle Editor
Sikhulekelani Moyo,[email protected]
MINISTER of Women Affairs, Community, Small and Medium Enterprises Development, Senator Monica Mutsvangwa has implored Governments across the world to prioritise Micro, Small and Medium Enterprises (MSMEs) as they are key to sustainable development and equitable distribution of resources.
Addressing delegates at the ongoing 8th World Investment Forum in Abu Dhabi, United Arab Emirates, Minister Mutsvangwa said that 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 Zimbabwe’s MSMEs sector now constitutes more than 90 percent of all businesses providing employment to more than 80 percent of the working population, a majority of whom are women, the youth and people with disabilities.
“More and more families are now gainfully employed and therefore better placed to fend for their families, ensuring that the quality of life for most Zimbabweans was improving,’ said Senator Mutsvangwa.
The Forum which is organised by the United Nations Conference on Trade and Investment (UNCTAD)’s Division on Investment and Enterprise, 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.
Minister Mutsvangwa said due to increased entrepreneurial activities and supportive Government policy, Zimbabwe has witnessed consistent economic growth over the last three years, with a growth rate of 8,5 percent in 2021, and 6,5 percent in 2022.
She said in order to ease the challenge of access to affordable finance for start-ups, the Government of Zimbabwe had made available institutions such as the Small and Medium Enterprises Development Corporation, and Women’s Micro Finance Bank and establishment of SME windows by various financial institutions.
Furthermore, Zimbabwe’s Central Bank had recently established a Collateral Registry System to facilitate further easy access to credit and encourage economic activity and stimulate growth in the sector.
In addition, she said the formation of Savings and Credit Cooperatives (SACCOs) is being encouraged to help communities pool resources together to fund their entrepreneurial activities.
All this she said, would ensure that Zimbabwe develops sustainably across sectors and demographic groups including women and youths.
ends
Online Reporter