VICE-president Emmerson Mnangagwa has urged small-to-medium enterprises (SMEs) to register their businesses in order to attract local and foreign investors.
BY REJOICE CHINGWARU
Speaking at the SMEs International Expo in Harare yesterday, Mnangagwa said registering businesses would also give SMEs the leverage to penetrate foreign markets.
“Most SMEs are not registered and lack accounting records of their operations, making it difficult for the would-be investors to evaluate businesses and make decisions about investing in them” he said.
Mnangagwa implored players in the SMEs sector to put more effort in improving the quality of their products to match foreign standards in order to penetrate the international market.
“Quality is the hallmark of market success and it also allows for penetration of both domestic and foreign markets, constituting a major driver of industrialisation. In that regard, every effort meant to improve quality must, therefore, be nurtured and supported by all,” he said.
Zimbabwe’s SMEs account for about 70% of the country’s economic activities and more than 50% of gross domestic product. Mnangagwa applauded SMEs for keeping the Zimbabwean economy alive and their potential to upgrade industrialisation in rural areas.
He said it had been difficult for SMEs to grow and export into the regional and international markets due to “lack of appropriate technology, weak business linkages, lack of markets and low quality products” among others.
