Govt reviewing MSMEs bill to straighten sector

MUCHINGA Province Deputy Permanent Secretary Brian Sichande has bemoaned the lack of a dedicated legal framework tailored to address existing gaps in the Micro Small and Medium Enterprises (MSMEs) sector. Mr Sichande however stated that the government through the Ministry of Small and Medium Enterprise Development is in the process of reviewing the MSME Bill […]

MUCHINGA Province Deputy Permanent Secretary Brian Sichande has bemoaned the lack of a dedicated legal framework tailored to address existing gaps in the Micro Small and Medium Enterprises (MSMEs) sector.

Mr Sichande however stated that the government through the Ministry of Small and Medium Enterprise Development is in the process of reviewing the MSME Bill stating that if enacted into law it will help address identified gaps and issues affecting the sector.

He made these remarks when he officiated at the stakeholder consultation meeting held at the Provincial administration boardroom in Chinsali district to review the draft Micro Small and Medium Enterprise (MSME) Bill.

Mr Sichande observed that the absence of such legislation has resulted in inconsistencies in the definition and classification of MSMEs, fragmented support mechanisms, weak institutional coordination, limited access to finance, and the lack of a comprehensive framework to guide enterprise growth, formalization and competitiveness.

He said in order to come up with a dedicated legal framework tailored to support MSMESs, the government has embarked on the process of developing a dedicated MSME Bill that will provide a robust legal and institutional framework for the growth and development of the sector.

Muchinga Province Small and Medium Enterprise Principal Cooperative and Entrepreneurship Development Officer Maxwell Maluma described the draft Micro, Small and Medium Enterprises (MSME) Bill as progressive and timely.