Govt to improve laws for SMES

By Daniel Chigundu

GOVERNMENT says it will be improving laws that deal with small to medium enterprises (SMEs) going forward with a view to helping the sector to grow.
According to statistics, Zimbabwe has about 3.5 million SMEs operating in various sectors of the economy and most of them face various challenges in the operation of their businesses.

Some of the challenges include strict requirements when seeking to regularise their ventures, high tax demands from Zimra, competition from imported goods, lack operating facilities and lack of collateral to access funding from banks among others.

Speaking during the Official Opening of the 1st Session of the 9th Parliament of Zimbabwe, President Mnangagwa said SMEs are essential for job creation in the country.

“SMEs, women and youth have an important role to play in the modernisation, growth and subsequent industrialisation of our national economy.

“These groups are equally essential in increased job creation, innovation, environmental sustainability and more inclusive growth.

“My government will hasten the improvement of the institutional regulatory framework for this sector, through deliberate and sensitive policies which tap into the entrepreneurial zeal and business dynamism of these important groups,” he said.

The President added that government “will be considering their access to finance through the Zimbabwe Women’s Micro-Finance Bank and Empower Bank, among other instruments”.

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