National micro, small and medium-sized enterprises (MSMEs) account for 23.4% of the country's Gross Domestic Product (GDP), contributing to the dynamism of the economy in various areas, the government informed parliament.

The segment represents around 97.1% of all companies operating in Mozambique and employs around 46.4% of the formal sector's workforce, according to figures released a few days ago by the Minister of Industry and Trade, Silvino Moreno.

Moreno, who was speaking at the presentation of the proposed MSME Law in Parliament, which was approved in general by consensus, cited the expansion of the capacity to generate employment, the production of wealth and the generation of tax revenue for the state as among the benefits of the proposed law.

He also spoke about increasing the tax base and economic sustainability, especially in light of the high degree of resilience of MSMEs.

The government also recognizes the relevance of MSMEs in the economy as the largest business segment, playing an important role in improving business competitiveness.

(Source: News)