The Small Enterprise Development Agency (Seda) and the Chambers of Commerce and Industry of South Africa (CHAMSA) have signed an agreement to facilitate small enterprise development in the country.
Seda is one of the Department of Trade and Industry's subsidiaries.
The signing followed negotiations in the past months by the two parties to accelerate small enterprise development in the country.
The agreement is expected to influence the inherent resources of each organisation to also focus on Broad Based Black Economic Empowerment in South Africa.
Respective CEOs of Seda and CHAMSA, Ms Wawa Damane and Mr Sipho Mseleku signed the MOU this week.
According to CHAMSA, both organisations will jointly identify co-operation programmes, projects and action plans to address business development, especially at local level.
Ms Dawane said her department expected the partnership to have a visible and tangible impact on the ground.
In addition, CHMSA's leadership reiterated their belief that there was a great symbiosis between the two organisations to further enterprise development.
The two organisations are expected to now formalise an operational programme under the guidance of both party's leadership.
The two believe their initiative has a shared vision of creating a balanced economy where all citizens can share in the wealth of the country by furthering aspirations of existing and emerging SMMEs.