Ricochet News

Cooperatives key to flourishing local economies

Cooperatives key to flourishing local economies

Street vendors in KwaZulu-Natal have told the Portfolio Committee on Small Business Development that among challenges they face is cheap prices foreign nationals charged.

The Chairperson of the Committee, Ms Ruth Bhengu, said the issue of dropping the prices, whether real or perceived, is worrying and required cooperatives among locals vendors.

“As much as traders are threatened by foreign nationals, a major challenge is their inability to work together. A collaborative effort in business will ensure productivity and sustainability, this is a trick foreign nationals use well,” Ms Bhengu said.

Since Tuesday, the Committee has  been an 0versight visit in KZN to establish the challenges faced by rural initiatives and small businesses. Street vendors at eZinqoleni Local Municipality told the Committee that foreign nationals drove locals out of business, and that resulted in conflict.

“All that is required is for small vendors to come together in a formalised cooperatives, and do bulk buying in trying to save in such things as transport costs,” Ms Bhengu said.

She said the oversight visit is empowering not only to the Members of the Committee but also the street vendors.


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