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In a speech read on her behalf by the acting secretary in the ministry, Ms Ethel Hlabangana, at an SMEs workshop at the Zimbabwe International Trade Fair, she said the SMEs Amendment Act had been gazetted into law.
“I would like to advise participants that the long awaited SMEs Amendment Bill was recently gazetted into law and it will guide us in formulating strategies for SMEs development.
“The Act is a landmark development for the ministry as it introduces important aspects for the facilitation of the small and medium businesses,” Minister Nyoni said.
She said some of the new aspects were advisory council which was going to research into issues that affect SMEs development and advise the Minister accordingly.
“We will also create the revolving fund that will be lending to micro finance institutions built focusing on remote areas.
“The Act will also mandate the minister to develop SMEs developmental schemes and also creation of a provision of twenty-five percent for SMEs of the State tenders of contracts for goods and services,” she said.
Minister Nyoni also said her ministry was setting up a database for SMEs and the equipment for this project was already in place.
“Data collection for this database is currently in progress and plans are at an advanced stage to launch the database in the near future.
“The database will aid policy interventions for SMEs development,” she said.
She said the ministry was also working with the India government under the Indo-Zim project in setting up appropriate technology centres for harnessing local resources.
“Currently technology centres have been set up in Chinhoyi, Harare, Bulawayo, Mvuma, Gokwe, Marondera, Magamba, Plumtree and Lupane with the purpose of assisting SMEs in product development and value addition.”
She said in addition, they were training SMEs on how to use the machines at the Indo-Zim centre at Harare Institute of Technology to help them grow.
“The ministry continues to assist small and growing businesses through Small Enterprises Development Corporation (Sedco) and we are encouraging them to approach the company for further information on funding.
“The ministry has also taken efforts to assist SMEs on the ground by making sure that there will be an officer in every district and as I speak most of the districts in the country now have a district development officer responsible for assisting small businesses,” the minister said.
Minister Nyoni said the ministry was involved in capacitating SMEs associations so that there are able to deal with issues that affect them.
“These associations are important as they are responsible for the advancement of SMEs through the promotion and development of markets, sourcing of loan capital and equity investors and education and training of SMEs,” she said.
“In addition, associations can also lobby government, municipalities and other authorities for policies that encourage SMEs growth.”
Minister Nyoni said it was worthy noting that the country had abundant natural resources and agricultural products but losing a lot of revenue through exporting unprocessed raw materials.
“We are losing a lot of revenue through exporting these resources unprocessed and it is also a subject to rigours of unfavourable and unstable world community prices.
“We encourage the exploitation of the abundant natural resources available in our country for industrial production and value addition in an effort to improve the volume of our national exports and create employment,” she said.
Online Reporter