Summit a powerful aid to draw City’s small business ‘lifeblood’
THE microenterprise sector is the “lifeblood” of the local economy and the greatest driver of job creation, Mayco member for tourism, events and economic development Garreth Bloor said.
The sector contributed approximately R6 billion to the City’s gross geographic product (GGP) in 2013, Bloor said at the Microenterprise/Informal Economy Summit held at a city hotel yesterday.
The one-day summit, with a theme of exploring opportunities for business expansion, attracted 180 people of local microenterprises from around the city.
Speakers included Bloor, city executive director of tourism, events and economic development Anton Groenewald and the Cape Craft and Design Institute, who spoke about cash flow management, accessing international markets, networking as a tool for business expansion, innovative financing for entrepreneurs and mobile payments for businesses.
“The summit is one platform that brings local government, development partners and the microenterprise sector together to start this conversation, improve the business environment for all, and ensure business expansion in the City of Cape Town,” said Bloor.
He added that the City was trying to increase the contribution of the growing sector to the GDP.
“The scale and breadth of microenterprises in Cape Town means that the City cannot adopt a one-size-fits-all approach in supporting the informal economy.
“Events such as today’s summit bring representatives from across the sector together so that we can explore these opportunities and develop appropriate strategies for the future of the sector.”
Bloor said there was a need to understand the dynamics of the sector for the City to influence existing policy and bylaws to ensure economic growth of micro-enterprises.
“The City also endeavours to provide linkages and access to a range of economic development partners to support the potential for increasing specialisation and growth in the informal economy.
“The City is exploring the breadth of economic activity, spatial location of activity and value chains in key industries. The goal is to develop a vision and policy to respond to the informal economy as a whole.”