SMEs basis for economy: Nyoni

sanctions imposed on Zimbabwe by the United States and the European Union, Small and Medium Enterprises and Co-operative Development, Minister Sithembiso Nyoni has said.
“When the formal economy declines or collapses significantly under pressure, it is common knowledge that economically active people re-group in the informal economy or into the small or micro-business sector.
“Without the SMEs this economy would have collapsed. They played a very vital role in the provision of basic necessities for their families and the nation,” Minister Nyoni said.
She was addressing students at Zimbabwe Staff College on SME operations in an economic sanctions environment yesterday. She added that the other foreign currency generator was cross boarder trade, spearheaded by women and the youth. She said SMEs remained their source of employment and livelihoods as they were supplying the much-needed basic commodities for the country to survive. One of the most successful new industries is function and event management. “This used to be a preserve of the big white companies but it is now in the hands of Zimbabwe women.
“In 2009 the Zimbabwe International Trade Fair would never have been, were it not for the SMEs which brought in their goods ranging from agricultural and household products, machinery, cosmetics, arts and crafts, ” she said.
“At Beitbridge border alone the cross boarder traders brought in 55 to 60 percent of foreign currency revenue in 2008.”
Minister Nyoni condemned the harsh regime of economic sanctions saying they were intended to force Zimbabweans to bow down to the wishes of the Western countries.
They are meant to disturb and affect the totality of economic activities, national development efforts and the social welfare of Zimbabweans.