PRESIDENT Cyril Ramaphosa has told the small business industry that government relies on the sector for job creation.
Ramaphosa was addressing webinar organised by the Department of Small Business and Development.
The president said 90% of the formal business sector in South Africa is made of small and medium enterprises (SMMEs).
“To achieve an inclusive economy we need to more effectively support the growth of vibrant and sustainable small, medium and micro enterprises and cooperatives,” said Ramaphosa.
“In many developed and developing economies, SMMEs generally account for over 90 per cent of all formal businesses. They contribute significantly to GDP and create and sustain lots of jobs in those countries.”
He said in South Africa, while 98% of formal businesses are SMMEs, they make a far smaller contribution to employment and GDP.
“If we are to achieve the goal of the National Development Plan for SMMEs to create at least
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