Groups that represent Micro, Small and Medium Enterprises (MSMEs) in Malawi have resolved to establish one body that will be representing all MSMEs amid observations that lack of unity among the groups is hampering growth of the sector.
They resolution was made in Lilongwe on Thursday during an interface meeting, which the Ministry of Industry convened for the MSMEs to discuss and find solutions to challenges affecting them.
During the meeting, which attracted representatives from institutions such as National Association of Business Women (NABW) and chamber of MSMEs from all three regions of the country, delegates agreed to set up a steering committee to facilitate establishment of one Institution that will be representing all MSMEs in the country.
NABW chairperson Barbara Banda, who also attended the interface meeting, expressed hope that the umbrella body will help to address challenges such as lack of adequate capital and technology capacity gap most MSMEs are facing.
In his remarks, the Minister of Industry Roy Kachale Banda, who chaired the meeting, said although SMEs contribute highly to the country’s gross domestic product (GDP), they are facing challenges, which could have effectively been addressed if the SMEs were speaking with one voice.
“According to FINSCOP survey of 2019, Malawi has 1.6 million SMEs who contribute up to 53 per cent of the GDP and we need to put them together to harness their power,” said Kachale who was accompanied by his ministry’s Principal Secretary Peter Simbani.Follow and Subscribe Nyasa TV :