How SMEs can benefit from the Free State investors summit

Small and medium enterprises (SMEs) are seen as a key driver of economic development in South Africa, with a focus on unlocking their potential for growth and empowerment. In a recent interview with CNBC Africa, Minister of Small Business Development Lindiwe Zulu discussed how SMEs can benefit from the Free State Global Investors Trade Bridge. The National Government has prioritized supporting SMEs and cooperatives, particularly for black economic empowerment. Minister Zulu emphasized the need for collaboration across government departments and provinces to upscale support for SMEs. She highlighted the upcoming Makufe event as a prime opportunity for SMEs, noting the demand for goods and services at the event. Minister Zulu urged organizers to promote and assist SMEs to capitalize on the event's potential. The international aspect of the Free State's initiatives was also emphasized, with a call for SMEs to expand their market beyond South Africa to the continent and the world. Minister Zulu cited the example of rose production and the potential for value-added products like perfumes. She stressed the importance of collaboration within government to deliver effective support for SMEs and cooperatives. The Minister expressed optimism about the growth of SMEs in South Africa, noting the registration of 18,000 new SMEs for tax purposes this year. She underscored the importance of identifying growing sectors to provide targeted support. Moving forward, the focus will be on creating a conducive legislative environment and ensuring financial support for productive SMEs. Minister Zulu highlighted the role of agencies like SIFA and SIDA in providing non-financial support to SMEs in the Free State. The Minister also discussed the vital role of corporates in cultivating the culture of SMEs and the need for meaningful partnerships to support SME growth. She called for more financial support and expertise from big businesses to complement government efforts. Minister Zulu emphasized the importance of addressing the specific needs of SMEs in corporate programs and urged businesses to avoid monopolistic practices in their supply chains. She stressed the undeniable link between SME growth, innovation, and job creation, calling on corporates to collaborate for the benefit of all.