JOHANNESBURG, March 18 (Xinhua) -- South Africa is committed to creating a conducive environment for small businesses to thrive through regulatory reform and expanded financial support, an official has said.
Speaking at the 14th annual Proudly South African Buy Local Summit and Expo in Johannesburg on Tuesday, Minister of Small Business Development Stella Ndabeni said the government aims to support 1 million micro, small and medium-sized enterprises (MSMEs) during its current term through both financial and non-financial assistance.
"MSMEs play a crucial role in addressing unemployment and inequality in our country," Ndabeni said, adding that the sector employs millions of people and is a major driver of job creation and inclusive growth.
She noted that key measures include implementing the red-tape reduction framework and expanding the e-registration system to simplify business registration and reduce administrative burdens at the municipal level.
The government will also scale up access to finance for MSMEs by working with development finance institutions, banks and non-bank lenders, while strengthening market readiness and post-investment support to enhance business sustainability, Ndabeni said.
"We will continue to improve the business environment, including by advancing the Business Licensing Bill to make it easier to start and operate small businesses," she added. ■