THE Ministry of Small to Medium Enterprises (SMEs) held consultations yesterday with stakeholders in the sector to find effective ways to formalise the operations of SME businesses.
The ministry’s interface with SME businesses was held at the launch of the Stakeholder Consultative Workshops and Interviews for the Formalisation Strategy and Co-operative Policy (2005) Review in Harare.
The launch is being held at a time the government is losing potential revenue from the informal market.
Zimbabwe’s tax base is shrinking as companies either downsize or close shop. In January alone, more than 400 people lost their jobs after companies they work for failed to re-open after the festive season.
SMEs minister Sithembiso Nyoni told businessdigest this week that the launch will be an opportunity to consult stakeholders on how to effectively formalise SMEs.
“We are consulting SMEs on formalisation,” Nyoni said, adding “we want to get their own ideas when it comes to formalisation and find out how they understand it.”
The ministry formalised operations of 118 SMEs in Harare, Mashonaland West, Central and East in 2014.