Going around the trading centres, the markets and the streets of the country one could see the economic activities done by Small Medium Enterprises (SMEs). Certainly, SMEs plays significant role and highly contribute to the country’s economy.
According to the President of Economic Association of Malawi, Henry Kachaje Malawian Small and Medium Enterprises- SMEs have the potential of growing into Large scale businesses and help in the economic development of this country.
Kachaje said the SMEs in the country need enough training and fiscal discipline to develop into large businesses.
“SME have greater role to play in the economic development of the country, SMEs can also help to create jobs for many people in Malawi” said Kachaje adding that SMEs contribute significantly in the revenue base of government through taxes.
Meanwhile, the 2012 Malawi financial scoping survey on SMEs indicates that Malawi has about 760,000 small business owners generating an annual revenue of about US$ 2 billion almost MK500 billion.