MEC Mosenogi applauds initiatives aimed at boosting young-owned businesses
The North West MEC for the Department of Economic Development, Environment, Conservation, and Tourism said the province is pulling all strings to create investment opportunities and market linkages for small businesses and co-operatives operating in the province.
She said this while addressing Ambassadors, High Commissioners, and other diplomatic representatives, as well as the business community at the two-day North West International Market Access held at Three Oaks and Aloe Boutique Hotel, in Hartebeespoort recently. The event was aimed at creating a platform for local businesses to look beyond the South-African Borders for new opportunities for Trade and Investment and to interact with key role players from international countries.
MEC Mosenogi described the North-West International Market Access as a unique vehicle for driving development and empowering local businesses through information sharing and access to international opportunities. She pointed out that there is adequate proof that young-owned enterprises play a critical and important role in the growth and development of the provincial economy. They might be considered to be small, but young-owned enterprises are able to grow the economy for the advancement of the radical socio-economic transformation of skills, enterprise, and socio-economic development.
She said far progress has been made to extend support to youth-owned businesses through the Departmental Empowerment Fund and SMME Relief Fund administered by the North West Development Corporation (NWDC) despite the delays caused by the lockdown and application processes.
“It is not enough to simply urge individuals to take advantage of opportunities in the business sector or to encourage an entrepreneurial spirit amongst young people. “We need instead a firm investment in small businesses to stimulate township and rural economies which ultimately will create sustainable jobs especially to our young people”.
“We need to support small businesses, whether it is a vendor selling their food at a taxi rank, a bed linen supplier to the guest house and hotels, or an internet café with services like connectivity and printing, or a small brick making and construction, these businesses are a lifeline to both urban and rural communities. They are a means of livelihood for their owners and more often than not employ community within their locality. We need to ensure that they have access to all the government programmes that targets both formal and informal sector” said the MEC.
MEC added that young-owned enterprises have the potential of creating the much-needed jobs and they actually contribute disproportionally to the GDP of the country, hence their support and development become sacrosanct. She said the department will through the District Model (DDM) approach in the context of intergovernmental relations, work together with all the municipalities and relevant stakeholders, in a more coordinated manner to drive the development of the small business sector.
The two day International market which was attended by diplomatic representatives, business communities, national, local and provincial government also afforded small businesses and cooperatives to showcase their products and services to the delegates and also to network and share ideas for the growth and development of their businesses.
Issued by the Department of Economic Development, Environment, Conservation and Tourism