Addressing red tape hampering the development of SMMEs

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.