Govt pledges financial support to SMEs

By Michael Kaumba

Government has pledged to expand financial access and other support to small and medium enterprises -SMEs-saying it is a key sector in driving economic growth.

Permanent Secretary for the Ministry of Small and Medium Enterprise Development, SUBETA MUTELO says the government is nurturing the SME sector as a pillar of Zambia’s economic transformation.

This was in a speech read for her by the Director for Business Development at the Ministry, KENNEDY MUMBA, at the SME Investment Expo organized by Hutnet Africa in partnership with Texila American University Zambia -TAUZ-.

Ms. MUTELO stressed the importance of bolstering the skills and resources of SMEs to foster self-sustaining, scalable businesses that can contribute more significantly to Zambia’s Gross Domestic Product-GDP-.

She further encouraged companies to invest in training programs, advisory services, and technical assistance for SMEs, emphasizing that these initiatives could yield a significant impact in the long term.

And Texila American University Zambia Vice Chancellor, Prof. AJAY PODDAR noted that SMEs contribute around 80 percent of GDP growth,underscoring their fundamental role in driving Zambia’s economy.

Prof. PODDAR praised the government for its focus on SME development and reaffirmed the university’s dedication to supporting the sector.