Govt SME target is unreal: Yaninen
BY YOMBI KEP
The government has realized the importance of SME in the country and has set an ambitious target to grow the sector from 50,000 SMEs today to 500,000 in 2030.
Launched in February 2016, the new SME policy and Master Plan (2016 – 2030) includes the government’s anticipation to increase the number of nationally-owned businesses to 500,000 by 2030.
The policy also seeks to reduce the percentage of people living under the poverty line to less than 10 per cent. Furthermore, it hopes to increase SME contribution to the gross domestic product (GDP) to 50 per cent by 2030.
However, the CEO of Pacifund Financial Services, a financial services firm targeting SMEs and Start Ups Des Yaninen said that the target set by the government is unrealistic.
“Given it took us almost 40 years to get from zero to 50,000 SMEs, I’d be happy if we at least got to 100,000 SMEs by 2030,” said Mr Yaninen.
Mr Yaninen said that if the target is set at 100,000 SMEs by 2030 then it is more realistic.
Furthermore, he outlined the prospects of having 100,000 SMEs by 2030.
“100,000 formal sector SMEs by 2030 and each SMEs employing an average of 10 workers each would provide 1 million jobs.”
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