Zimbabwe joins the world in celebrating MSMEs

Capitalk Reporter/ Valeria Mhandu |  8 months ago | top

Minister of Women Affairs, Community, Small and Medium Enterprises Development, Dr. Sithembiso Nyoni, says it is important to acknowledge the role of micro, small and medium enterprises (MSMEs) in local and regional development as they have become the engines for economic growth.

Speaking during the Micro, Small and Medium Enterprises Day commemorations, which were held in Harare yesterday under the theme: Enhancing Micro, Small and Medium Enterprises Operating Environment, Hon. Nyoni said MSMEs have proven to be an important part in improving the livelihoods of communities through job creation, goods production, and service provision.

She also urged the stakeholders to continue working with her ministry and the private sector as it facilitates the creation of a conducive environment for MSMEs' development.

On a national scale, MSMEs contribute more than 60% of the GDP and over 70% of employment. Globally, MSMEs contribute up to 60% of total employment and up to 40% of national income in emerging economies.