Experts have finally been relieved after the South African government announced on Sunday that a new ministry for small business development has been established.
The new ministry will be headed by Lindiwe Zulu.
Reacting to the announcement, Nazeem Martin, MD of Business Partners Limited, said this week that it was encouraging that government has acknowledged the support that SMEs needed support, and prioritised this by establishing a ministry for small business development.
Reports also said that the ministry will review regulations that need to be adapted to ease the burden on small businesses, in the view of allowing for direct interaction with the government to improve growth.
Martin said red tape remained an issue for many SME owners and urged the ministry to lessen the compliance burden of businesses.
“It will be a significant step forward in tackling SA’s unemployment figures,” he pointed out.
South African President Jacob Zuma said on Sunday that the development of the small business sector was critical to economic development and transformation.