THE Small and Medium Enterprises Development Corporation (SMEDCO) has been called upon to develop new financing models and strengthen its financial sustainability to expand support for micro, small and medium enterprises (MSMEs) across Zimbabwe.
"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,” Women Affairs, Community, Small and Medium Enterprises Development minister, Senator Monica Mutsvangwa, said while addressing delegates at SMEDCO's Fifth Annual General Meeting in Harare.
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.
Mutsvangwa indicated that 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.
"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.
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The SMEDCO AGM provided an opportunity for stakeholders to review the Corporation's performance, assess challenges affecting the MSME sector and discuss strategies to enhance enterprise development.
