At a forum in Zimbabwe, the Institute for Sustainable Africa urged small-to-medium sized Zimbabwean businesses to introduce sustainable business practices in order to attract investment.

Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs, according to a report in NewsDay.

“As small businesses in Zimbabwe you need to move towards sustainable business practices as many investors are targeting that sector,” said Rodney Ndamba, who spoke at the Institute for Sustainable Africa policy dialogue forum for SMEs in Harare.

SMEs are the most innovative businesses, Ndamba said. “Demonstrating sustainability, environmental, social and governance in your business has become a key factor for competing and attracting investors to small business enterprises.”

About 4 percent of SMEs in Zimbabwe have environmental management systems or are ISO14001 compliant in accordance with the International Organisation for Standardisation, according to official statistics, NewsDay reports

“This is a very small figure,” Ndamba said.

Failure to comply with environmental management systems has become a trade barrier for small businesses trying to penetrate international markets and supply chains, he added. Compliance has become a basis for entering new markets such as those relating to green economy.

Sustainable business practices have also become a modern business strategy for long term and sustainable business success, Ndamba said.