Small and medium enterprises (SMEs) have been commended for their versatility which has allowed the sector to increase export earnings to the local economy.
SMEs have significantly improved their contribution to the fiscus with statistics pointing to a 22 percent input to tax revenue collections earlier this year.
Officially opening the SMEs International Expo Business Conference in Harare today, the Acting Minister of SMEs and Co-operative Development, Cde Nyasha Chikwinya hailed SMEs for surviving economic turbulence due to their flexibility, small size and ease of adapting to new trends.
“We can only be stable once we realise where our economy is going. It’s moving from big top small companies,” she said.
International Monetary Fund (IMF) Country Director, Mr Christian Beddies said restoring fiscal sustainability, which enables banks to provide more financing to the private sector, is key to enhancing SMEs growth.
The Minister of State for Harare, Cde Miriam Chikukwa noted that the number of SMEs is rising with areas like Glen View 8 now in need of more technical support.
The SMEs International Expo Business Conference attracted several emerging businesses, representatives of non-governmental organisations and government departments.