Minister of Small and Medium Enterprise Development Elias Mubanga says the government had prioritised the development of Micro, Small and Medium Enterprises (MSMEs) in order to grow the economy and for job creation.
Mr Mubanga said this is because MSMEs, which include cooperatives, account for about 90 percent of businesses, 70 % of GDP, and about 88 % of employment.
The Minister said this at a media breakfast, when he announced the national MSMEs and cooperatives indaba slated for April 10th to 11th 2024, to be hosted in Lusaka.
Mr Mubanga observed the many challenges affecting the growth of MSMEs and cooperatives including the current energy deficit that requires a collaborative approach.
He therefore stated the main objective of the indaba is to enhance collaboration among different stakeholders in the ecosystem, in order to expedite the promotion of MSMEs and cooperatives, and their contribution to economic growth.
With a targeted budget of about K3.9 million Kwacha, Mr Mubanga revealed that the speakers will be drawn from India, Bostwana, Malawi, Tanzania, Mauritius, Kenya, Rwanda and South Africa who will share best experiences and opportunities in the subsector.
“Robust MSMEs and cooperatives entails economic development, job creation and being able to better manage economic challenges we are experiencing today” Mr Mubanga said.
And Ministry of Small and Medium Enterprise Development Permanent Secretary Subeta Mutelo said this being the first ever national indaba for MSMEs and cooperatives, creates a platform for entrepreneurs to discuss issues affecting them, showcasing their innovative solutions and services, and for networking.
The indaba will be held under the theme harnessing the power of collaboration in fostering MSME and cooperative growth for sustainable development.
The indaba is planned to bring together over 700 MSMEs and cooperatives from across the country, a number of business providers and key players in the ecosystem.
