Small businesses in the country have formed a new group, Small and Medium Enterprise for Value Added Export (SME-4X), aimed at boosting exports.
Announcing the formation yesterday, chairperson of SME-4X Charles Merrick said they intend to nurture and grow small businesses that have interest to produce goods and services for the export market.
He said: “A good business is an export business as you are on the safe side of the volatility of the kwacha and the dreaded increases in local bank interest rates. These are two of the upfront reasons businesses fail in Malawi as cited by local SMEs.
“While exports will shield small businesses from the above ills, the earned foreign exchange will reduce interest rates thus benefiting other small businesses operating within the country. This is a double win for the economy.”
Merrick believes there are many ways the country can empower small businesses to export more goods and services in the region and beyond.
He said SME-4X wants to take a leading role in that direction.
Apart from SME-4X acting as a forum of sharing knowledge and information on exports among the SMEs, it will also encourage aid, promote and enhance competitiveness of local small businesses to export value added goods and services
“We intend to open chapters in the three regions before the end of the month, which should make contacts with SMEs the districts. At all levels, we will concentrate on sensitising entrepreneurs to the benefits of “think export”,” said Merrick. n