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Addressing red tape hampering the development of SMMEs
CNBC Africa's Gugulethu Cele spoke to Sam Mashinini, MEC, Economic, Small Business Development, Tourism and Environmental Affairs on how best to address the red tape hampering the development of SMMEs.
Tue, 04 Oct 2016 15:02:43 GMT
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AI Generated Summary
- The Free State Province is diversifying its economy by focusing on manufacturing and industrial development to attract global investments and create job opportunities.
- The MEC emphasizes the importance of eliminating red tape and connecting SMEs with international investors to facilitate business growth and international expansion.
- By providing exposure and opportunities for SMEs to engage in international trade, the province aims to help small businesses grow into large corporations with a global footprint.
In a recent event at the Free State Global Investors Trade Bridge in Blumfunde, various discussions were held on how the province is strategically aligning itself with global investors to drive economic development. CNBC Africa's Gugulethu Cele caught up with Sam Mashinini, the MEC for Economic Development, Small Business, Tourism, and Environmental Affairs, to delve into how small and medium-sized enterprises (SMEs) in the Free State Province can harness global investments to their advantage. Mashinini emphasized the importance of diversifying the economy beyond traditional sectors like mining, highlighting manufacturing as a key focus area. The province is actively promoting industrial zones and targeting industries such as textiles and automotive to attract investment and create employment opportunities. Cascade development and expansion are key goals to ensure that businesses in Free State grow from SMEs into large corporations with global reach. Mashinini underlined the significance of eliminating red tape to facilitate business growth and international expansion. By connecting local entrepreneurs with international investors and markets, the province aims to foster a conducive environment for SMEs to thrive and scale up. The MEC emphasized the potential for SMEs to not only create jobs but also become industry leaders on a continental and global scale. He stressed the importance of providing exposure and opportunities for small businesses to connect with international partners through initiatives like the Trade Bridge. By encouraging SMEs to engage in international trade and collaboration, Free State aims to break barriers and propel businesses towards greater success and sustainability.