Thriving private sector vital for economic growth
Addressing infrastructure, entrepreneurial development and institutional support challenges.
PHILLEPUS UUSIKU
Formulating and implementing effective policies to attract the necessary investment, increase trade and expand Namibia’s industrial base cannot happen in vacuum, consultations are of critical importance.
Minister of Industrialisation and Trade, Lucia Iipumbu, visited the Hardap region to engage and discuss matters pertaining to business development in the region and beyond.
The ministry is of the view that a thriving private sector is a prerequisite for economic growth and development, and by discovering new organic business ideas through consultations can help drive the economy out of this devastating state.
In a statement, Iipumbu notes that the impacts of Covid-19 on the local economy including the loss of income and jobs are clearly visible and has adversely affected businesses productivity and growth.
“Therefore, this calls for our maximum effort to build our businesses resilience, to ensure that Covid-19 does not surpass our effort to grow our businesses and threaten our business survival and sustainability,” she said.
The Ministry of Industrialisation and Trade remains committed and will continue prioritising the maintenance of a supportive environment for private sector growth.
However, it is critical that such growth enhances local beneficiation, including employment creation and market linkages, and that it promotes economic resilience, diversification and industrial development, while promoting market access for locally produced products, she pointed out.
Framework
In order to effectively and efficiently address challenges faced by businesses, it should be guided by objective frameworks and policies.
Iipumbu pointed out that its ministry is in the process of implementing policies and programs to enhance businesses especially those in the informal economy.
These includes the drafting of the National Informal Economy and Entrepreneurship Development Policy, with the objective of developing the informal economy and its participants into commercially viable and mainstream economy sector, which could contribute to the economic growth of our country and its inhabitant in a sustainable manner.
The policy will further seek to address challenges faced by the informal economy including infrastructure, entrepreneurial development and institutional support.
Moreover, the policy is to be developed into a National Business Promotion Act to help ensure that it is integrated with the Namibia Investment Promotion Act with the main emphasis on sector reservation and ensuring the attraction of viable and complementary foreign investment.
“This is important, as at times it is very evident that our past efforts of attracting and facilitating foreign direct investment (FDI) has yielded outcomes that at times displace Namibians in various sectors such as those prevalent in our informal economy,” she [email protected]
Formulating and implementing effective policies to attract the necessary investment, increase trade and expand Namibia’s industrial base cannot happen in vacuum, consultations are of critical importance.
Minister of Industrialisation and Trade, Lucia Iipumbu, visited the Hardap region to engage and discuss matters pertaining to business development in the region and beyond.
The ministry is of the view that a thriving private sector is a prerequisite for economic growth and development, and by discovering new organic business ideas through consultations can help drive the economy out of this devastating state.
In a statement, Iipumbu notes that the impacts of Covid-19 on the local economy including the loss of income and jobs are clearly visible and has adversely affected businesses productivity and growth.
“Therefore, this calls for our maximum effort to build our businesses resilience, to ensure that Covid-19 does not surpass our effort to grow our businesses and threaten our business survival and sustainability,” she said.
The Ministry of Industrialisation and Trade remains committed and will continue prioritising the maintenance of a supportive environment for private sector growth.
However, it is critical that such growth enhances local beneficiation, including employment creation and market linkages, and that it promotes economic resilience, diversification and industrial development, while promoting market access for locally produced products, she pointed out.
Framework
In order to effectively and efficiently address challenges faced by businesses, it should be guided by objective frameworks and policies.
Iipumbu pointed out that its ministry is in the process of implementing policies and programs to enhance businesses especially those in the informal economy.
These includes the drafting of the National Informal Economy and Entrepreneurship Development Policy, with the objective of developing the informal economy and its participants into commercially viable and mainstream economy sector, which could contribute to the economic growth of our country and its inhabitant in a sustainable manner.
The policy will further seek to address challenges faced by the informal economy including infrastructure, entrepreneurial development and institutional support.
Moreover, the policy is to be developed into a National Business Promotion Act to help ensure that it is integrated with the Namibia Investment Promotion Act with the main emphasis on sector reservation and ensuring the attraction of viable and complementary foreign investment.
“This is important, as at times it is very evident that our past efforts of attracting and facilitating foreign direct investment (FDI) has yielded outcomes that at times displace Namibians in various sectors such as those prevalent in our informal economy,” she [email protected]
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