The Vision 2030 Movement seeks to empower small and medium enterprises (SMEs) through a series of programs designed to foster business growth, skills development, and sustainability in the sector.
“Globally, MSMEs account for 90 per cent of businesses, 60 percent of employment, and 50 percent of GDP,” said Mutsvangwa.
“Zimbabwe is no exception as MSMEs play a crucial role towards employment generation, wealth creation, and poverty reduction.”
This year the theme of the business school resonates with the government’s commitment to the National Development Strategy 1 (NDS1) and the vision to become an upper middle-income economy by 2030 (Vision 2030).
Mutsvangwa said MSMEs play an integral part in various value chains, providing essential raw materials and services that spur economic activity at both the national and provincial levels.
She noted that a significant challenge facing the sector was the high levels of informality, despite their importance, with the Finscope 2022 SME Survey finding that an estimated 86 percent of enterprises in Zimbabwe operate informally.
“This informality limits access to crucial business development support services from stakeholders, access to finance, market expansion opportunities and regulatory compliance,” she stated, emphasizing the need to formalize businesses to ensure their long-term sustainability.
Mutsvangwa also encouraged SMEs to embrace digital technologies such as
e-commerce platforms, social media marketing and data analysis to reach broader markets.
She noted that the government established innovation hubs at tertiary institutions to nurture and develop new ideas.
SMEs should also collaborate with academic institutions as well as utilize the Zimbabwe Intellectual Property Office to protect their innovations, she said.
The event brought together a cross section of participants including business people, entrepreneurs, government officials and panelists dedicated to sharing insights and strategies for SME advancement.
Skills Audit and Development Minister Paul Mavima also attended the event and said 70 percent of large companies now rise from being MSMEs such as vending.
New Ziana
