MSMEs critical to sustainable development – Mutsvangwa

By Anna Chibamu

Women Affairs Minister Monica Mutsvangwa has urged governments to prioritise Micro, Small and Medium Enterprises MSMEs which are key to sustainable development and equitable distribution of resources.

Addressing delegates at the 8th World Investment Forum, which is currently taking place in Abu Dhabi, United Arab Emirates, Mutsvangwa said, “Globally, entrepreneurship is playing a key role in the growth and development of nations and the achievement of Sustainable Development Goals (SDGs) by fostering innovation, creating jobs, and increasing productivity.”

She further highlighted that Zimbabwe’s MSMEs sector “now constitutes more than 90% of all business in Zimbabwe (3.4 million enterprises) and provides employment to more than 80% of the working population (4.8 million full-time employees), the majority of whom are women, the youth and people with disabilities.”

The Forum, organised by the United Nations Conference on Trade and Investment (UNCTAD)’s Division on Investment and Enterprise, is running under the theme “Investing in Sustainable Development”.

She added, “In order to ease the challenges of access to affordable finance for start-ups, Zimbabwe had made available institutions such as the Small and Medium Enterprises Development Corporation, and Women’s Micro Finance Bank and establishment of SME windows by various financial institutions.

“Furthermore, Zimbabwe’s Central Bank had recently established a Collateral Registry System to facilitate further easy access to credit, encourage economic activity and stimulate growth in the sector.

“Also, the formation of Savings and Credit Cooperatives (SACCOs) is being encouraged to help communities pool resources together to fund their entrepreneurial activities to ensure that Zimbabwe develops sustainably across sectors and demographic groups including women and youths.”

The Forum “gives Zimbabwe an opportunity to showcase what it offers to the world in terms of its vast investment, trade and tourism opportunities and also allows for benchmarking with other countries’ progress in promoting investment targeted at attaining SDG Goals,” she outlined.

As she made a presentation during the tripartite dialogue of parliamentarians, policymakers and the Private Sector, Mutsvangwa called for delegates to create a conducive environment for the sustainable growth of MSMEs.

Mutsvangwa also took time to interact with a number of Global Leaders including the UNCTAD Secretary General, Rebecca Grynspan and Commonwealth Secretary General, Patricia Scotland.

Mutsvangwa and Commonwealth Secretary General Patricia Scotland

In her remarks during the official opening of the forum, the UNCTAD Secretary General, Rebecca Grynspan noted that this year’s edition of the forum is “a global platform where you, leaders of governments and businesses, experts, and stakeholders, converge to address the critical nexus between investment and sustainable development’’.

The 2023 edition is taking place ahead of global talks on climate change at COP28 in the same location and will include a focused track on promoting climate finance and investment.

The Forum is the pre-eminent global platform for investment and development where it devises strategies and solutions for global investment and development challenges and facilitates multi-stakeholder collective action to stimulate investment in development.

The year’s edition of the forum is aiming to address key investment challenges caused by today’s multiple global crises, including the need to invest in food security, energy, health, supply chain resilience and productive capacity growth in the poorest countries.

Deputy Chief Secretary to the President and Cabinet, Policy Analysis, Coordination and Development Planning, Willard Manungo is accompanying the minister.