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SMEs are critical component of local economy

SMALL businesses are a critical component of and major contributor to the strength of local economies.

Acting Permanent Secretary of the Ministry of Commerce, Industries, Labour and Immigration (MCILI), Hunter Masuguria highlighted this during the SME open day, Tuesday.

Mr Masuguria said small businesses help stimulate economic growth by providing employment opportunities to people who may not be employable by larger corporations.

“Larger businesses often benefit from small businesses within the same local community, as many corporations depend on small businesses for the completion of various business functions through outsourcing.

“Even the government ministries and bodies depend on small businesses for the same reasons, “ he said.

Mr Masuguria said small businesses do not always stay small.

“They can start off as small businesses that grow to become major players in the national and international marketplace,” he adds.