INDIAN companies want to invest $3,9 million towards supporting Small to Medium Enterprises, as part of efforts to forge cooperation with local businesses and creating avenues to markets for their products and services.
This comes at a time when local SMEs are grappling with financing and technical challenges as well as limited access to markets.
The latest development comes after Small and Medium Enterprises and Cooperative Development Minister Stembiso Nyoni led a delegation of local companies to India as part of a follow up on deals for the SMEs.
Minister Nyoni met Integrated Association of Micro, Small and Medium Enterprises of India (I Am SME of India), in August with the Indians expressing interest in investing in mining, agriculture, pharmaceuticals, horticulture and clothing.
Indian SMEs contribute more than 37 percent to the Asian country’s GDP.
Minister Nyoni said that partnerships between Indian firms and Zimbabwean SMEs would help the latter with financing and market access.
“I led a delegation to India from August 23 to 27 to do a follow up a visit on Indo-Zimbabwe technology centre investments signed a couple of years ago and they agreed to a $2,9 million capital injection on the centres.
“Another $1 million investment will be injected in incubation centres across the country and this is expected to take shape before the year end.
“The Indian delegation is coming this month end to start setting up some incubators across all the provinces,” said Minister Nyoni.
Some regional countries’ SMEs have started sending their small business and cooperatives to Indo-Zimbabwe Technology Centres and incubation centres in Zimbabwe to further their training.