The solution to resolve financial challenges faced by the business sector in the country can in part be unlocked by the empowered small and medium-sized enterprises (SMEs), the Johannesburg Chamber of Commerce and Industry said, adding that this could help them tap into international markets.
Black-owned businesses are feeling the brunt of being excluded from economic participation due to lack of opportunities and financial support from the government and financial institutions.
CEO of the chamber CEO Bernadette Zeiler this week said if the SMEs were armed with export readiness, small businesses could provide a pivotal platform for growth and expansion on an international scale.
Zeiler was speaking in Cape Town ahead of the Global Export Accelerator Partnership (GEAP), from which 150 export-oriented South African black-owned businesses were earmarked to be identified for global recognition.
“Empowering SMEs to access international opportunities will fuel economic growth, promote innovation, enhance productivity, and strengthen the competitiveness of the South African economy. By supporting and facilitating the international expansion of SMEs, we can unlock their full potential and reap the substantial benefits they bring to both the business landscape and the overall economic landscape of South Africa,” she said.
She stated the central point of SMEs journey will culminate in a highly anticipated networking where black-owned businesses will engage with like-minded entrepreneurs interested in diversifying their supply chains.
Zeiler said funders were keen to support “both the entrepreneurial journeys of these businesses and the ongoing roll-out of the GEAP programme”.
Zeiler also said after a rigorous year of export training, dedicated mentorship sessions, and strategic market linkages, the 150 black-owned SMEs across South Africa will successfully graduate from the programme.
“Equipped with invaluable knowledge, enhanced capabilities, and a global mindset, these visionary entrepreneurs are now prepared to propel their businesses onto the international stage.
“By equipping entrepreneurs with the knowledge, skills, and networks necessary to navigate the complexities of international trade, initiatives like GEAP play a pivotal role in unlocking the immense potential within South Africa’s vibrant small business sector. As these businesses venture into global markets, they strengthen their enterprises and contribute to economic growth, job creation, and increased prosperity for the nation as a whole,” she said.
In 2022, four chambers of commerce in Cape Town, Johannesburg, Nelson Mandela Bay, and Pietermaritzburg, forged the GEAP programme. The SA Supply Diversity Council was part of the initiative.
This was made possible through the Employment and Skills for Development in Africa Programme, funded by the German federal ministry for economic cooperation and development and implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit.
“The vast and varied global market offers countless opportunities for these nimble, innovative entities. While the journey will undoubtedly be challenging, with the right resources, support, and mindset, our SMEs are well-positioned to take on the world,” said Zeiler.
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