Rwanda Replaces SME Policy In a Bid To Promote Entrepreneurship

The Rwandan government launched the Entrepreneurship Development Policy yesterday to replace the 2010 SME Development Policy in a bid to promote entrepreneurship in the country.

Approved by the cabinet in April this year, the new policy is seen as a step in the right direction to spark entrepreneurship.

The 2010 SME Development Policy only responded to issues such as human capital management, business support, financing, as well as markets and value chains.

On the other hand, Entrepreneurship Development Policy enhances entrepreneurial skills, advisory services, creating a more conducive environment, and facilitating entrepreneurs to access markets.

According to Sam Kamugisha, the Director-General, Department of Industry Promotion and Entrepreneurship Development at the Ministry of Trade and Industry, the policy was set up after several consultations.

"After consultations, we thought there were a number of issues that needed to be addressed and (we thought) a new policy would address challenges faced by entrepreneurs," he noted.

The previous policy only focused on SMEs, yet there has been dramatic changes within the entrepreneurship system with entrepreneurs investing in new avenues such as e-commerce and financial technology.

According to the Ministry of Trade and Industry which led the establishment of the policy, the objective is to ensure that all pillars of the entrepreneurship ecosystem function properly.

This would allow Rwandan startups, micro, small and medium-sized businesses (MSMEs), and large enterprises to achieve sustainable growth as well as be profitable.

Source: allafrica.com