SMEs are the pulse of the economy: Senator Mutsvangwa

SMALL to medium enterprises (SMEs) are the pulse of the economy and women who constitute the majority in the sector must be fully supported.

Minister of Women Affairs, Community, Small and Medium Enterprise, Senator Monica Mutsvangwa, said this on Saturday in Bulawayo where she noted that SMEs have become a big economic force in the country and across the globe.

Officially opening the Esteemed Businesswomen Zimbabwe Conference, which brought together women from Bulawayo, Gweru, Binga, Filabusi and Mutare to network and share notes, the minister said in Zimbabwe, the Government expects SMEs to play a pivotal role in transforming the economy towards an upper middle-income status by 2030.

Organised by Ms Sipho Mazibuko, the inaugural conference had popular actress Sophie Ndaba who was one of the keynote speakers. Minister Mutsvangwa told delegates that without the SMEs, Zimbabwe’s economy would not be performing.

“The Minister of Finance whom I was with some while ago, said to me that ‘without SMEs, this economy would not perform the way it’s performing’.

“As SMEs, as you are sitting here, you are actually the pulse of the economy of this country. So, there is a lot that we can do,” she said.

Sen Mutsvangwa said women, in particular, as mothers have the responsibility to help create employment through SMEs and taking them off the streets.

“In this country there are 4.1 million entrepreneur companies and out of those 56 percent are owned by women.

“And we have created employment so that we take our children off the streets and take them off drugs and they have something tangible do,” she said.

“Women play an important role in the socio development of our country, as they constitute the majority of our SMEs. They contribute significantly to employment creation, poverty reduction and creating opportunities for all.”

Sen Mutsvangwa encouraged women to mentor young girls to take up positions of leadership.

‘I’m glad that this organisation has taken on board previously marginalised women, particularly those from the rural areas. Thank you,” she said.

“I always talk to women in political positions and ask how many women have they mentored to be the next member of Parliament of their area or any other area.”

The minister added that it was important for SMEs to embrace digital skills for survival in a competitive world.

“If we don’t teach our women, youth and girls digital skills we will be discriminating against them. So, with today’s digital world leveraging technology is not optional for SMEs as it is essential for streamlining operations and improving customer experience, reaching out to new clients and enhancing your competitiveness,” she said.

According to the latest 2023 Fourth Quarterly Labour Force Survey the Zimbabwe National Statistical Agency (ZimStat), 79,3 percent of the working population in Zimbabwe is employed in either the formal or informal sector, dominated by SMEs.

In her remarks, Ms Mazibuko said it warmed her heart to see so much support for the initiative and thanked the minister for gracing the event.

After her speech, Sen Mutsvangwa, accompanied by Ms Mazibuko and Sophie Ndaba, toured various stands at the venue and were impressed by the quality of exhibitions from women. Some of the entrepreneurs were giving her samples of their wares to take home.

Entertainment was provided by Hloseni Arts Ensemble.

The conference had representatives from financial institutions, Zimbabwe Revenue Authority (Zimra) and the Procurement Regulatory Authority of Zimbabwe (Praz).

Its primary aim was to empower and celebrate the outstanding female entrepreneurs of Zimbabwe, as well as recognize the invaluable contributions of the country’s Small and Medium Enterprises (SMEs) in driving economic growth.