By Nokunceda Magagula
Stakeholders met on Tuesday to refine the Micro, Small, and Medium Enterprises (MSME) Policy, bolstering the role of small businesses in driving economic growth, supported by UNDP. Facilitating this collaborative endeavour, the United Nations Development Programme (UNDP) played a pivotal role in steering the trajectory of the policy’s development.
The transformative initiative is poised to amplify the role of small businesses and propel Eswatini’s economic prosperity to new heights. The new policy facilitates increased access to financial products and services for MSMEs and creates an enabling institutional and legislative environment to strengthen the business development support for MSMEs.
It also supports the ease of doing business for the MSMEs through improved business start-up and growth and facilitates and fosters a culture of entrepreneurship, innovation and increased ICT usage in the MSME sector. Enact into law a legislative framework that will enable the promotion and coordination of the MSME sector, facilitate and foster a culture of entrepreneurship, and innovation and increase ICT usage in the MSME sector.
Moreover, the policy supports and develops MSMEs owned by women, youth-disadvantaged groups and the informal sector. The workshop was strategically hosted in Manzini, and set the stage for a blend of perspectives, with the Director of the SME Unit, Mluleki Dlamini, and UNDP Officer In Charge, Excellent Hachileka, steering the discussions.
ALSO READ: MSMEs form backbone of the Eswatini economy
Dlamini, in his opening remarks, underscored the inclusive nature of the policy’s formulation, a comprehensive process that engaged a spectrum of stakeholders. He accentuated its pivotal role as the linchpin connecting large corporations with the dynamic landscape of small businesses.
“What’s important is that this policy was developed through a consultative process that involved all stakeholders, and its significance is that it is the connection between large corporations and small businesses,” remarked Dlamini, emphasizing the democratic and collaborative spirit that gave birth to the policy.
In a forward-looking statement, Hachileka articulated that, “The revised MSME Policy is more than a document, it is a roadmap for creating a vibrant SME sector. This sector, in turn, will be the driving force behind economic growth, job creation, and poverty reduction in Eswatini. We firmly believe that the implementation of this policy, coupled with the government’s steadfast commitment, will position Eswatini as a hub for entrepreneurship and innovation.”
As stakeholders eagerly await the imminent implementation phase, the collaborative efforts showcased in the development of the MSME Policy underscore a shared commitment to fostering economic resilience and inclusivity in Eswatini. This shared vision, embodied in the policy, paves the way for a future where small businesses prosper, creativity blooms, and Eswatini becomes a symbol of economic empowerment.
A small business owner Bucie Mthethwa appreciated the reviewing of the MSME policy as an excellent move, as it will be a new dawn for the business owners and will improve their participation.