Deputy Minister Highlights Role Of SMEs In Economic Diversity In London

Deputy Minister of Trade, Industry, and Competition Andrew Whitfield highlighted Small and Medium Enterprises (SMEs)'s vital role in promoting economic diversity and driving innovation to enhance competitiveness.

During a panel discussion at the London Stock Exchange about the importance of small businesses in the economy, Whitfield noted that the high-level delegation aims to strengthen the relationship between South Africa and the United Kingdom.

Whitfield - who is accompanied by Deputy President Paul Mashatile - to promote South Africa as a top investment destination, showcased that South Africa has investment potential and finding new trade opportunities for local businesses.

Whitfield highlighted the broad range of support systems available to South African SMEs through the Department of Trade, Industry, and Competition (the dtic).

"At the dtic, we have developed several industrial levers, including competition policy and export marketing assistance, to ensure that SMEs have the tools to expand and trade globally," he said, SA News reported.

He added, "We are also deeply engaged in conversations around digital transformation, enabling marginalized SMEs, particularly in sectors like agro-processing to access global value chains and participate on digital platforms."

The minister emphasized that supporting SMEs through digital platforms is essential for helping them compete both regionally and globally.

He stressed the need to reduce market access barriers for sectors like agriculture, which is an important area for SME growth, and to improve collaboration between the private and public sectors to create a better trading environment.

Whitfield also discussed the broader role of SMEs in South Africa's industrial policy, pointing out the need for targeted efforts that allow them to participate in high-growth sectors such as manufacturing, technology, and agro-processing.

He further mentioned the need to eliminate red tape and bureaucratic obstacles that slow down SME growth, emphasizing that regulatory reform is an essential part of South Africa's economic recovery plan.

As the delegation continues its work in the UK, Whitfield stressed that partnerships between government and private sector organizations, especially in areas like agriculture and technology, will be key to unlocking future opportunities.

"We have had promising discussions around agricultural products and solutions for SME growth, and we're committed to ensuring that companies investing in South Africa make deliberate efforts to partner with small and medium-sized enterprises," he said.

He added, "We believe that such partnerships, coupled with digital transformation, will play a major role in positioning SMEs to thrive in global markets."

Earlier this week, Mashatile said the government's commitment to creating an inclusive economy in South Africa, assuring Londoners that the Government of National Unity (GNU) is working hard to achieve this goal.