Africa-Press – Eswatini. His Majesty King Mswati III has urged the development and implementation of initiatives that will foster a thriving entrepreneurial ecosystem and empower small and medium-sized businesses across the country.
Speaking during the opening of Parliament on Friday, His Majesty acknowledged SMMEs as the cornerstone of the country’s economy.
“It is imperative to implement strategies to stimulate entrepreneurship and the expansion of small and medium enterprises (SMMEs) in the country,” said the king, adding that they were pivotal in driving job creation, particularly in high-potential sectors, including agri-business, tourism, and information and communication technology (ICT), to name a few.
“Our focus must be on fostering a more conducive environment for business and investment. Simplifying the process of registration for SME’s should be considered by implementing digital solutions as well as reducing the tax compliance burden for small, emerging businesses,” said the king.
He further called for particular attention to be paid to increasing access to business development services for minority groups to ensure that they invest in diversity and the world of opportunities out there.
His Majesty delivered a positive message on the economic front, outlining encouraging signs for the upcoming year.
The king highlighted that the country’s economy showed impressive resilience in 2023, bouncing back with a strong 4.8 per cent growth after a slow 2022. He further noted that the future looked bright, with initial projections forecasting an even higher growth rate of 4.9 per cent in 2024.
The king also said the country’s fiscal health had improved significantly, with the deficit shrinking from 4.5 per cent in 2021/22 to 1.6 per cent of GDP in 2023/24.
operationalising
Director of Small Micro and Medium Enterprises Mluleki Dlamini, heeding the call, said the ministry would be operationalising the recently enacted Citizen Economic Empowerment Act as part of the initiative to empower citizen owned enterprises.
The Act is designed to help Eswatini businesses thrive by giving them advantages in government contracts, encouraging foreign investment through partnerships, setting aside specific industries for local ownership, and supporting community-driven initiatives like co-operatives, ensuring that Eswatini becomes level with regional counterparts who have almost similar instruments.
“Furthermore, the review of the MSME National Policy of 2018 is at advanced stages and also encompasses digital transformation for businesses with focus on youth, women and disabled businesses,” said Dlamini.
Recognising the crucial role of micro, small, and medium enterprises (MSMEs) in driving job creation and sustainable livelihoods, Dlamini said government had implemented various programmes to support their development and promotion.
He said these initiatives were considered the lifeblood of the economy for all Emaswati
“Also, there is an MSME financing model framework that was developed to address issues of access to finance, which is also at implementation stage with relevant stakeholders,” said Dlamini.
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