SMMEs are an engine for economic growth – says MEC Mosenogi
One of the challenges facing our small businesses is amongst others access to the market and opportunities available to assist them to grow. This was said by MEC for Department of Economic Development, Environment, Conservation and Tourism, Kenetswe Mosenogi during 2 days Business and Regulatory Seminar that was held on 28th and 29th October 2021 in Rustenburg.
MEC Mosenogi regarded SMME’s as the engine for economic growth, it is for this note that the department together with Development Finance Institutions (DFIs) hosted the seminar as follow up to the Youth webinar held in June. The seminar was also part of the effort to respond to the challenges and regulatory burdens faced by small businesses and cooperatives.
Part of the discussions of the seminar was to address the extensive empirical conditions that have proven how the regulatory environment for business affects a broad range of economic outcomes at both the macro and micro levels, including productivity, business growth, employment, trade, and investment, as well as access to finance.
“We had an engagement with the regulators and the funding institutions in order to see how best we can loosen the tight grip which is throttling and chocking the small businesses across all the sectors of the economy within the province. Most of our SMME’s have indicated excessive red tape on labour laws, human and industrial relations, tax matters, municipal regulation, and support for business start-ups as the key obstacles to the sustainability of their businesses”.
“These are some of the challenges we are attempting to overcome by intensifying our work together with regulatory bodies and DFIs in order to make information more accessible to small businesses. Through this initiatives our small businesses will be in a position to comply with relevant legislations to enable them to grow and become self-reliant and sustainable”, said the MEC.
She further urged government departments and agencies to work together with the private sector by developing an integrated plans that will be easily accessible by SMMEs across all the sectors of the economy.
“As government we need to amend some of the regulations like municipal by-laws and tariffs charged to start-ups to assist them in reducing the cost of doing business,” said MEC.
Participating SMME’s which came from tourism, environment, agriculture, manufacturing, and other active sectors were given an opportunity to showcase their products and services.
The department as part of its commitment of rendering the quality services to community was able to assist 400 liquor traders around Rustenburg areas with their annual license renewals as per Liquor Act 27 of 1989, as amended.
The Department will continue to offer support to small businesses operating within the four districts of the North West province.
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