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Parliament Approves Law To Strengthen National MSMEs

Parliament Approves Law To Strengthen National MSMEs

Parliament recently approved, in general terms, the bill that establishes the legal regime applicable to Micro, Small and Medium-sized Enterprises (MSMEs). This legislative milestone is considered a significant step towards strengthening the country’s industrial and commercial sector.

In his speech to Parliament, the Minister of Industry and Commerce, Silvino Moreno, said that the main aim of this law is to create objective conditions that enhance the role of MSMEs in the national economy, given that they represent 97.1 per cent of operating companies in Mozambique.

“The proposal also aims to encourage economic agents who operate informally to adopt formality, thus promoting the creation of a solid legal basis for the active participation of MSMEs in economic growth. With its approval, we expect an increase in job creation, wealth production, tax collection and greater economic sustainability,” he emphasised.

Moreno explained that the various aspects covered by the law include certification, the right of first refusal, easier access to information on financial services and the creation of a fund to support the promotion and development of MSMEs.

“The law also provides for the allocation of 1% of the budget of companies involved in major projects to support MSMEs, a reduction in fees for obtaining the ‘Made in Mozambique’ stamp, a reduction in fees and emoluments for court costs and the creation of facilities for organising trade fairs,” he said.

The legislation was moulded on the basis of contributions from consultations throughout the country, guaranteeing the involvement of the primary beneficiaries in the legislative process.

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