Staff Reporter

Micro, Small and Medium Enterprise (MSME) have contributed immensely to the growth of the economy by contributing a fair share to the Gross Domestic Product (GDP).

Speaking at the ongoing MSMEs training workshop supported by UNDESA in Bulawayo, the Permanent Secretary of Women Affairs, Community, Small and Medium Enterprises Development Moses Mhike mentioned that MSMEs are contributing about US$8 billion to the GDP.

"In Zimbabwe According to the 2021 MSME Survey, there are 3.4 million MSMEs operating in Zimbabwe employing 4.8 million people on full time basis. The 2022 Finscope Survey indicated that the sector contributed US$8.6 billion to GDP. These statistics indicate that MSMEs have a central role to play in the achievement of the 2030 Agenda for Sustainable Development and the African Union Agenda 2063," said Secretary Mhike.

In his speech Secretary Mhike mentioned that MSMEs contribute to national development through economic growth as they also offer employment opportunities to women and the youth.

"MSMEs also promote inclusive and sustainable economic growth, increase employment opportunities and decent work especially for women and youth. They also contribute to the transformation of economies from being primary commodities based to sustainable innovation and industrialization led," said Secretary Mhike.                                                                                                                    

He (Secretary Mhike) further emphasised that MSMEs contribution to the realisation of Vision 2030 has been aided by the result oriented Monitoring Framework, which has tracked the contribution to the economy.

Recognizing the potential contribution of the MSME sector to the attainment of Vision 2030 of an upper middle-income economy status as underscored by the National Development Strategy (NDS1), in 2022 Government with the support from UNDESA has prioritized the development of a results-oriented Monitoring Framework for timely tracking of MSMEs contributions to the economy under the Revised National MSME Policy (2020-2024)," said Secretary Mhike.

Meanwhile in line with the Second Republic’s thrust to develop backbone infrastructure through promoting partnerships, the Ministry is collaborating with local authorities, development partners and the private sector in development and provision of workspaces for MSMEs under various models.