Minister of Women Affairs, Community, Small and Medium Enterprises Development, Senator Monica Mutsvangwa challenged the Small and Medium Enterprises Development Corporation (SMEDCO to strengthen its financial sustainability and develop innovative funding models to expand support for micro, small and medium enterprises (MSMEs).
Minister Mutsvangwa made the call yesterday while addressing delegates at SMEDCO’s Fifth Annual General Meeting held in Harare, where she emphasised the critical role played by MSMEs in employment creation, economic empowerment and industrial development.
“SMEDCO’s mandate remains critical in supporting micro, small and medium enterprises through access to finance, business development services and programmes that foster growth, job creation and empowerment.
“As we work towards Vision 2030, we must ensure that our MSMEs are equipped to become productive contributors to the economy,” said Minister Mutsvangwa.
She urged the Corporation to explore new financing approaches and strengthen partnerships with both public and private sector players to increase support for emerging businesses.
“SMEDCO must continue strengthening its financial sustainability and adopt innovative funding strategies that will enable it to reach more entrepreneurs across the country.
“We need financing models that respond to the realities faced by small businesses while ensuring that enterprises are able to grow and create sustainable employment opportunities,” she said.
The Minister said priority should be given to productive sectors with potential to drive industrialisation, including manufacturing, agro-processing, renewable energy and technology.
“We must expand support towards productive sectors such as manufacturing, agro-processing, renewable energy and technology because these are areas that can unlock value addition, increase competitiveness and create opportunities for our people,” she said.
Minister Mutsvangwa said empowering MSMEs remained central to Government’s broader economic development agenda, particularly in promoting inclusive growth and ensuring that communities participate in national development.
“Small businesses are an important pillar of Zimbabwe’s economy, providing livelihoods for millions of citizens and contributing to innovation and local production,” she said.
The Minister said Government would continue creating an enabling environment for entrepreneurs through policies and programmes aimed at improving access to finance, markets, skills development and business support services.
“As Government, we remain committed to ensuring that every Zimbabwean with a viable business idea has an opportunity to participate in economic development and contribute towards building a prosperous and empowered society,” she said.
The SMEDCO Annual General Meeting provided an opportunity for stakeholders to review the Corporation’s performance, assess challenges affecting the MSME sector and discuss strategies to enhance enterprise development.
