Online Reporter
Harmony Agere
The Zimbabwe Small Enterprises Stock Exchange, a major initiative aimed at improving access to capital for micro, small and medium enterprises (MSMEs), will be launched next month.
This was revealed yesterday by Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube at the National Micro, Small and Medium Enterprises and Cooperatives Indaba in Harare.
Prof Ncube said the new exchange forms part of broader efforts to support the growth and formalisation of the SMEs sector, which has become a key driver of the country’s economy.
“Next month, we will be launching the Zimbabwe Small Enterprises Stock Exchange to help fund and raise capital for the SMEs sector,” he said.
Access to affordable finance remains one of the biggest challenges facing small businesses, with many entrepreneurs struggling to secure funding to expand operations, acquire equipment and enter new markets.
Prof Ncube said Government had introduced several measures to create a more conducive operating environment for small businesses.
“Measures such as reviewing licences, tax waivers and rebates are designed to protect and grow this sector,” he said.
He added that currency stability and the more than 8 percent economic growth recorded last year had also contributed to the expansion of the SME sector.
Women Affairs, Community, Small and Medium Enterprises Development Minister Senator Monica Mutsvangwa said MSMEs continue to play a critical role in creating jobs, generating incomes and stimulating economic activity across the country.
“The backbone of economic transformation cannot be complete without SMEs,” she said.
Minister Mutsvangwa added that SMEs and cooperatives collectively contribute more than 60 percent of national Gross
Domestic Product, with small-scale farmers accounting for the bulk of agricultural production while small-scale miners continue to make significant contributions to mineral output.
She said every city, town and business centre was bustling with small businesses transforming local raw materials into finished products and connecting producers to markets.
Minister Mutsvangwa said Government had strengthened institutional support for entrepreneurs by deploying dedicated business and cooperative development officers across districts to nurture entrepreneurship and improve business performance.
She also said the officers continue to receive training in business development, digital skills and entrepreneurship to enable them to assist entrepreneurs with e-commerce, mobile banking and other modern business practices.
Leveraging the ministry’s decentralised structure, Minister Mutsvangwa said Government had reached millions of entrepreneurs through programmes designed to improve access to finance, markets, business skills, workspace infrastructure and technology.
Also addressing the indaba, Joint Secretary in India’s Ministry of Micro, Small and Medium Enterprises, Ms Mercy Epao, outlined key factors that have helped transform India’s MSME sector into a major pillar of its economy.
She said Zimbabwean officials could benefit from specialised training programmes aimed at strengthening institutional capacity and improving support for entrepreneurs.
Ms Epao said MSMEs are the backbone of the Indian economy, noting that many of India’s large corporations began as small and medium enterprises before expanding into major businesses.
She said creating an enabling environment for small businesses allows them to grow into significant contributors to national development.
Ms Epao also highlighted India’s policy of mandatory procurement of products and services from MSMEs, saying the approach has enabled small businesses to expand more rapidly.
She encouraged the formalisation of traditional craftsmen, saying bringing them into the formal economy would increase their contribution to national development.
Zimbabwe Chamber of SMEs secretary-general Mr
said the sector was making an increasingly significant contribution to the country’s GDP.
“We are not just a sector but the engine of the economy and a significant contributor to Vision 2030,” he said.
“As such, we want to thank the President for reviewing licenses and fees. This has greatly made our operations easier.
“We are now moving from informality to a place where we are fully regularised and contributing to the fiscus.”
Zimbabwe Cooperative Federation president Mr Mike Duru said the sector had an important role to play in national development.
“Cooperatives will stand shoulder to shoulder with Government to help the country realise Vision 2030 targets,” he said.
“We are critical pillars of human and sustainable development.
“We have huge membership of over 10 000 companies and over 3 million people in the sector, showing the impact that we have on the economy.”
