With the informal sector contributing around 29 per cent to the country’s gross domestic product (GDP), it is a force to be reckoned with. This is according to panellists speaking at the Consumer Goods Council of South Africa (CGCSA) Summit 2014, on the importance of small and medium enterprises (SMEs) including informal businesses.
Dr Mlenga Jere, a senior lecturer at the Graduate School of Business, pointed out that research conducted in 2010 by non-profit organisation Finmark Trust indicated that there are around six million small businesses in South Africa, with the majority of them being informal.
Seventy-nine per cent of small businesses are in the retail sector while 21 per cent are in services-related sectors.
“SMEs offer over 11.6 million employment opportunities. They are a significant player that we need to pay attention to,” said Jere. READ MORE
Source: www.cnbcafrica.com
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