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IOL News
8 hours ago
- Business
- IOL News
Minister Ndabeni outlines steps to support small businesses and co-operatives
Minister of Small Business Development Stella Ndabeni is confident that the legislative and policy interventions will make the support to Micro, Small and Medium Enterprises more coherent. Image: Kopano Tlape / GCIS Small Business Development Minister Stella Ndabeni on Friday said her department was steadily moving towards closing policy gaps in order to remove constraints in a move to enable Micro, Small, and Medium Enterprises (MSMEs) and co-operatives to thrive. 'We move from the premise that the small enterprise support ecosystem has legislative and policy gaps. To this end, we are steadily closing those gaps to ensure that constraints are removed, and a more enabling environment is created for MSMEs and co-operatives to thrive,' Ndabeni said. Speaking during the budget vote in the National Assembly, she said the amendment of the National Small Enterprise Act has led to the establishment of the Small Enterprise Development and Finance Agency (SEDFA) and the Office of the Small Enterprise Ombud. Ndabeni also said the MSME and Co-operatives Funding Policy was approved by the Cabinet last year. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ 'We are now working on partnerships to establish an alternative MSME credit rating system as well as a movable asset registry to address the lack of collateral among MSME borrowers. 'The current risk assessment models used by financiers (audited financial statements, credit history, collaterals) are not suitable for MSMEs, as they are mainly designed for big businesses. With an alternative credit data model, we can ensure that financiers are able to use alternative data like bill payments, e-commerce activity, mobile money transactions, and others to foster financial inclusion for the majority of MSMEs.' Ndabeni further said they were working with the Department of Trade, Industry and Commerce on the Transformation Fund. 'This will be a game-changer for MSME funding. We must enhance MSMEs' readiness to secure funding, particularly in poorer provinces, townships, and rural areas.' Ndabeni stated that they have recently approved the National Business Licensing Policy and were now amending the Business Licensing Bill to simplify business licensing and introduce preferential licensing for targeted empowerment and promotion of previously disadvantaged groups in economic activity for specific sectors. She added that the department was finalising the National Entrepreneurship Strategy, which focused on the individual entrepreneur and their needs at different stages of development. Another policy initiative was the Township and Rural Economic Development and Revitalization Policy, which will go to Cabinet this year. 'This policy will enable a more consolidated approach by the government when it comes to supporting township and rural MSMEs and co-operatives. The policy calls for the creation of vibrant township and rural small business hubs, which will require a more coordinated approach by the three spheres of government around zoning, business licensing, infrastructure provisioning, and investment.' Ndabeni was confident that the legislative and policy interventions would make the ecosystem more coherent and ensure that more MSMEs were better served, especially those owned by women, youth, people with disabilities, as well as enterprises from townships and rural areas. According to Ndabeni, the department was also instituting a new service delivery model. 'We are developing a robust monitoring and reporting framework for all ecosystem players, which we will present to the Cabinet this year. We are also establishing internal research capacity and undertaking sector-specific value chain studies to inform targeted interventions in productive sectors of the economy.' She also said they have created a research think-tank to support evidence-based policy and formal partnerships with deans of commerce from higher education institutions. 'We are also finalising the appointment of a new Small Business Advisory Body.'
See - Sada Elbalad
9 hours ago
- Business
- See - Sada Elbalad
Egypt Eyes Chinese Market Opportunities as Guest of Honour at Guangzhou SME Expo
Ahmed Emam Egypt is looking to strengthen economic ties and carve out a greater presence in the Chinese market as it takes center stage as Guest of Honour at the International Small and Medium Enterprises (SMEs) Expo in Guangzhou, running from June 27 to 30. Leading the Egyptian delegation, Basil Rahmy, CEO of Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA), and Essam El-Naggar, Commercial Minister Plenipotentiary and Chairman of the General Organization for Exhibitions and Fairs, held a series of high-level meetings with Chinese officials and business leaders on the sidelines of the expo. The talks focused on deepening cooperation between the two countries, with Egypt hoping to tap into China's renowned expertise in building a robust SME sector—a cornerstone of China's economic rise that has created millions of jobs and fueled industrial growth. 'We're exploring how Egypt can benefit from China's successful model, particularly in industrial and manufacturing projects,' Rahmy said, noting that Egypt's government is prioritizing the development of the SME sector as a key driver of economic growth, job creation, and reduced reliance on imports. This focus aligns with directives from Prime Minister Mostafa Madbouly to harness the potential of Egypt's SMEs in boosting investment opportunities, localizing industries, securing supply chains, and raising product quality to global standards—efforts that could enhance Egypt's competitiveness both domestically and in export markets. El-Naggar underscored that Egypt's participation as Guest of Honour reflects the growing depth of economic relations between Cairo and Beijing. 'Trade ties between our countries are continuously evolving. Egypt is keen to attract more Chinese investment and identify new paths for Egyptian products to enter the Chinese market,' he said. He noted that Egypt's presence at the expo—which hosts hundreds of companies from around the world—provides valuable exposure and opportunities for Egyptian enterprises to build partnerships and expand their footprint. 'There's significant potential for Egyptian small businesses to supply goods and services to the Chinese market. This would not only give these businesses access to one of the world's largest economies but also help them innovate, develop new products, and scale up production,' he said. He praised the support provided by Egypt's Ministry of Investment and Foreign Trade, which has worked closely with MSMEDA to enable Egyptian companies to participate in major international trade events. 'Participation in global expos is critical for opening new markets and showcasing the high quality and diversity of Egyptian products,' Rahmy asserted. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
BusinessToday
05-06-2025
- Business
- BusinessToday
MOF Postpones e-Invoice For Businesses Below RM5 Million To Jan 1, 2026
The government has announced the rescheduling of its e-invoicing implementation for businesses with annual income below RM5 million, stating that it acknowledges the need for sufficient preparation time and other constraints faced by taxpayers, particularly Micro, Small, and Medium Enterprises (MSMEs). The Ministry of Finance has decided that taxpayers with annual income or sales below RM500,000 are currently exempted from e-invoicing implementation. The e-invoicing implementation by phase for taxpayers with annual income or sales exceeding RM1 million up to RM5 million is postponed to January 1, 2026. The e-invoicing implementation phase for taxpayers with annual income or sales up to RM1 million is postponed to July 1, 2026 Related
The Citizen
21-05-2025
- Business
- The Citizen
Competition Commission greenlights Multichoice and Canal+ deal
Canal+ already owns 45% of Multichoice's shares, and with this deal, it intends to buy the remaining shares for R125 per share, valuing the group at R55 billion. The Competition Commission has recommended that the Competition Tribunal approve the acquisition of Multichoice by French Media giant Canal+, subject to conditions relating to public interest considerations. Canal+ already owns 45% of Multichoice's shares, and with this deal, it intends to buy the remaining shares for R125 per share, valuing the group at R55 billion. ALSO READ: Canal+ takeover: MultiChoice faces uncertain future amid strategy discrepancies Multichoice and Canal+ deal conditions 'The conditions include a package of guaranteed public interest commitments proposed by the parties,' said Multichoice. 'The package supports the participation of firms controlled by Historically Disadvantaged Persons (HDPs) and Small, Micro and Medium Enterprises (SMMEs) in the audio-visual industry in South Africa. 'This package will maintain funding for local South African general entertainment and sport content, providing local content creators with a strong foundation for future success.' Next step for Multichoice and Canal+ deal Now the ball is in the Tribunal's court to make a decision on the transaction. 'The approval of the Tribunal and the fulfilment of the remaining conditions are required for the Proposed Transaction to become unconditional.' Calvo Mawela, CEO of MultiChoice Group, said: 'The recommendation from the Competition Commission is a key step forward towards the completion of the transaction and a recognition of the strong package of public interest commitments provided by the parties.' Maxime Saada, CEO of Canal+, said: 'This represents a significant step forward in our ambition to establish a global media and entertainment company with Africa at its core. We are committed to investing in local content and supporting South Africa's creative and sports ecosystems.' ALSO READ: MultiChoice profit nosedives with huge decline in subscribers Commission and Tribunal The Competition Commission is an independent adjudicative body established to regulate competition between firms in the market. The Competition Tribunal is an independent adjudicative body that adjudicates on matters referred to it by the Competition Commission. The Commission is the investigating and prosecuting agency in the competition regime, while the Tribunal is the court. Weak performance Dstv, operated by Multichoice, has seen its subscribers decline from more than 23 million to 19.3 million in less than two years. The group announced earlier this year that the challenging consumer environment has resulted in a decline in subscribers and limited revenue growth. 'The group was navigating unprecedented external adversities, including macro-economic headwinds, as well as disrupted power supply and severe currency depreciation in some of its key markets in the Rest of Africa.' DStv price increases DStv has announced price adjustments across its packages, effective 1 April 2025: Premium: From R929 to R979 (+R50) Compact Plus: From R619 to R659 (+R40) Compact: From R469 to R479 (+R10) Family: From R329 to R339 (+R10) Access: From R139 to R150 (+R11) EasyView: From R29 to R30 (+R1) Access Fees: From R120 to R125 (+R5) Add Movies: From R79 to R49 (-R30) DStv Stream: No adjustment Showmax PL: From R69 to R99 (+R30) Showmax Entertainment mobile: From R45 to R50 (+R5) NOW READ: WATCH: DStv's 'R100' advert deemed misleading by regulatory board
New Indian Express
20-05-2025
- Business
- New Indian Express
DPR for Kurichi gold jewellery park complete: Minister Anbarasan
COIMBATORE: The Minister for Micro, Small, and Medium Enterprises (MSMEs), TM Anbarasan, said that a detailed project report (DPR) has been prepared and steps will be taken soon to set up a gold jewellery park at Kurichi in the city. Addressing reporters after a meeting with representatives of gold jewellery producers association, he said that the building would span 8.57 lakh square feet, in an area of 2.46 acres, in Kurichi-Sidco Industrial Estate. "Chief Minister MK Stalin had announced last November that a gold jewellery park would be set up at the Sidco Industrial Estate at Rs 126 crore. Subsequently, we have completed the DPR. The park includes gold jewellery workshops, a general facility centre for gold jewellery manufacturing, 3D printing and laser cutting facilities, Hallmark quality testing lab. The project also has various special features like a security vault, state-of-the-art surveillance, exhibition hall, conference hall, a training centre and a parking lot," he said. 18 representatives of the gold jewellery manufacturers association participated in the consultative meeting and their suggestions were heard by officials. The minister added that their will be taken into consideration by the government. Further, he said that the district has received Rs 316.54 crore with a subsidy of Rs 69.55 crore, under five types of self-employment schemes in the last four years. He added that the construction of the coir cluster at Rs 8.80 crore in Pollachi will be completed in July. and ongoing construction of Cosiema Private Industrial Estate at Solavampalayam at Rs 18.06 crore will be completed in two months. An MoU was signed in the presence of the Minister TM Anbarasan, on behalf of Si-Tarc, a firm which will set up a facility centre for EV motor testing in Kurichi at an estimated cost of Rs 9.97 crore.
