THE United Nations Economic Commission for Africa (UNECA) has partnered with the Government of Zimbabwe to strengthen the capacity of small and medium enterprises (SMEs) so they can take advantage of opportunities presented by the African Continental Free Trade Area (AfCFTA).
The AfCFTA, the largest free trade area in the world by number of participating countries, offers a market valued at over US$3 trillion and a population exceeding one billion people. For Zimbabwe, equipping SMEs with the knowledge and skills to trade beyond national borders is seen as crucial to unlocking that potential.
Following a similar programme in Harare, another capacity-building workshop is currently underway in Bulawayo.
One SME representative welcomed the initiative, saying: “SMEs are the backbone and pulse of the economy, we welcome the support as it presents us to a market with over a billion people. It will really go a long way in ensuring we trade regionally.”
The participation of SMEs in intra-regional trade has been noted as crucial for economic growth across the African continent.
“The AfCFTA is more than just an agreement. It is a promise of shared prosperity transcending national borders. It is a shared promise for catalysing industrialisation across the region. The ECA commits to translating that promise to tangible opportunities for the private sector,” noted UNECA Chief of Sub-Regional Initiatives , Ms Zodwa Mabuza.
SMEs account for more than 80 percent of businesses, hence the need for their active participation in intra-Africa trade.
“Across Africa, SMEs account for more than 80 percent of businesses, and it is widely recognized that the success of intra-African trade under the AfCFTA will depend on how effectively we empower and enable these enterprises to participate and to export,” said Ministry of Women Affairs, Community, Small and Medium Enterprises Development permanent secretary, Dr Marvis Sibanda.
Zimbabwe Chamber of Commerce and Industry CEO Advocate Christopher Mugaga weighed in, “SMEs are the engine for economic growth. As a country, we should create an environment that rewards formalisation.”
The AfCFTA is the largest free trade area in the world by number of participating countries.
It will progressively eliminate tariffs on most goods and services, enabling SMEs to export their products to 54 African countries with greater ease and at lower costs.
