Commissioning of New SMEDCO Headquarters Amidst 40 Years of Service

By Ilyana Sithole

The Small and Medium Enterprises Development Corporation officially opened its new head office, the SMEDCO Park, on November 25, 2024, in an event that marked four decades of service. The event drew a varied assembly of government officials, industry leaders, and all other stakeholders committed to the growth and development of MSMEs in Zimbabwe.

Opening remarks were made by Dr. C. Kadungure, Chairperson of the SMEDCO Board, who reflected on the evolution of the corporation from its humble beginning as the Small Enterprises Development Corporation, commonly referred to as SEDCO, in 1983.

She acknowledged the different challenges faced over the years-including economic fluctuations and resource constraints-but emphasized how resilient and determined the organization has been in keeping its promise to nurture MSMEs. “Today we are commemorating not only a new building but a new chapter in our endeavour towards empowering indigenous business enterprises,” said Dr. Kadungure.

She added that the new head office is strategic for expanding capacity of the SMEDCO in the delivery of core services of finance and workspace, amongst other services, to the exponentially growing clientele of MSMEs.

The Chief Executive Officer of the SMEDCO, Mr. O. Ngwenya, followed Dr. Kadungure. He also profusely thanked the government and other stakeholders for their unwavering support, notably the Honourable Minister of Women Affairs, Community, Small and Medium Enterprises Development, Senator M. Mutsvangwa.

Mr. Ngwenya underscored that this move to the new office would be essential in accomplishing its mandate under the SME Act and making possible an MSME Mall where further businesses can be set up. This move is a testament to our commitment towards the creation of an enabling environment where the MSMEs can thrive,” he noted.

Mr. Ngwenya then delved into the growth and plans of the corporation for outreach and service delivery, mentioning ongoing efforts toward securing more funding and other resources. “Our goal is to ensure that every MSME in Zimbabwe has access to the capital, mentorship, and infrastructure they need to succeed.” He expressed optimism at the growth trajectory which the corporation was to achieve, with the reinforcement of national economic objectives and the need to actualize a prosperous Zimbabwe.

The address by Minister Mutsvangwa was, however, the crowning moment of the event, congratulating SMEDCO for what it has been doing in sustainable growth within the MSME sector. “This new head office represents not just physical infrastructure but a commitment to service excellence and the empowerment of entrepreneurs across Zimbabwe,” she declared. The opening, which coincided with the 40th anniversary of SMEDCO, underlined the relevance of four decades of dedicated support to the growth of MSMEs, the Minister noted.

She further expounded on the critical role which MSMEs are playing in the Zimbabwe economic landscape. “To that effect, we realize that as we stand here today, we see the MSMEs as new engines of economic development in our nation,” asserted Mutsvangwa, emphasizing how the government was committed to creating an enabling environment for them to flourish. She said the SMEDCO Park would act as a catalyst for stirring up innovation and growth by availing appropriate infrastructure and access to resources that will see businesses grow.

The Minister spoke to the broader vision of the government on economic empowerment, relating the mission of SMEDCO to the National Development Strategy and Vision 2030. “Our goal is clear: to support the transformation of MSMEs into formalized, competitive, and export-oriented enterprises,” said Mutsvangwa. She emphasized collaboration among stakeholders and profusely thanked the partners who have made the opening of the new head office possible. “Together, we must keep moving forward to ensure the agenda for economic empowerment is realized, making sure that no one is left behind on our journey to Vision 2030,” she noted, invoking the national vision for inclusive growth.

Further in her speech, Mutsvangwa emphasized that this particular strategy calls for innovative funding mechanisms adapted to the peculiarities of MSMEs. “As demand for finance and workspace grows, so do we need to develop creative solutions to address the particular needs of our entrepreneurs,” she said. The Minister called for investment in infrastructure, training, and technology to give the MSMEs the necessary tools with which to effectively compete in domestic and international markets.

She concluded by saying, “Let me thank the Board, management, and staff of SMEDCO for their commitments and hard work. “Your efforts are indispensable in ensuring MSMEs get the support that will enable them to thrive,” she said. Mr. Mutsvangwa further appreciated the good contribution by MSME clients: “You are the heartbeat of our economy, and your success is our success.” She then called upon all stakeholders to continue working together to build a strong and resilient MSME sector.

The declaration of the new head office marked the occasion as a fresh commitment toward better service and support for the MSME sector. The occasion underlined that the collaborative process was necessary to be able to achieve sustainable economic growth and to develop local enterprises throughout the country.

As the event came to a close, stakeholders felt very optimistic about the future. SMEDCO’s new headquarters stands as a beacon of hope for many entrepreneurs in Zimbabwe, embodying the spirit of innovation and resilience that characterizes the MSME sector. With further support from the government and partnership with different players, it is poised for even further reach in executing its mission in empowering local business and adding to the gross economic growth of Zimbabwe.