By Phiwa Sikhondze
His Majesty King Mswati III has called for the implementation of strategies that will stimulate entrepreneurship and the expansion of small and medium enterprises (SMEs) in the country, especially in high-potential sectors such as agri-business, tourism, and information and communication technology (ICT).
His Majesty stressed this during His Speech From The Throne on Friday when opening the first session of the 12th Parliament. The King emphasized the importance of implementing strategies to stimulate entrepreneurship and the growth of SMEs.
“It is imperative that we implement strategies to stimulate entrepreneurship and the expansion of small and medium enterprises (SMEs). They are the cornerstone of our economy and are pivotal in driving job creation, particularly in high-potential sectors including, agri-business, tourism, and information and communication technology (ICT), just to name a few,” the King said.
His Majesty further specifically called for the simplification of the registration process for SMEs, including the use of digital solutions, and the reduction of the tax compliance burden for small, emerging businesses.
“Simplifying the process of registration for SMEs should be considered by implementing digital solutions as well as reducing the tax compliance burden for small and emerging businesses,” he said.
On another note, the King also stressed the need to increase access to business development services for minority groups to ensure that they have equal opportunities to invest and grow their businesses.
The King’s speech comes at a time when the country is facing economic challenges, such as low growth, high unemployment, and fiscal pressures. The King lauded the government for steps and measures taken to address the country’s challenges.
He highlighted steps such as implementing the Economic Recovery Plan, securing financial support from development partners, and enhancing public financial management.