SWAKOPMUND – Minister of Industrialisation and Trade Lucia Iipumbu has emphasised the importance of a fully integrated continental free trade area, noting that it will address some of the impediments to intra-Africa trade.
Iipumbu, in a speech read on her behalf at the opening of the Discover Namibia Micro, Small and Medium Enterprises (MSMEs) and Township Economy Investment Expo and Intra-Africa Business Conference, taking place in Swakopmund, highlighted multiple and overlapping memberships and high tariffs as some of the impediments hampering free-trade.
The minister explained that the intra-Africa trade dream can only be realised if all African member states commit to improving the systems and processes to ensure enhanced trade facilitation. “The African Continental Free Trade Area (AfCFTA) is expected to create a very good opportunity to increase value addition, and establish viable and competitive industries in the continent that could create a lot of employment opportunities for our people, especially the youth,” she noted.
Iipumbu added that Namibia is currently in the final stage of reviewing its investment policy to come up with a better framework for attracting investment by phasing out the Economic Processing Zone and replacing it with the Special Economic Zone.
The process, which according to the minister is almost concluded, is aimed at providing for the designation of certain economic sectors and business activities as reserved for certain categories of investors, as well as an establishment of an entity responsible for investment promotion.
United Nations Development Programme (UNDP) Resident Representative to Namibia Alka Bhatia said the UNDP is convinced that if dedicated support is deployed to effectively capacitate the informal sector and MSMEs, Namibia stands to maximise positive development gains from the AfCFTA.
“Therefore, the UNDP, working as the integrator of the UN system, has been working in partnership and conjointly with MIT and Namibia Trade Forum to enhance awareness on AfCFTA.”
Meanwhile, Minister in the Presidency Christine //Hoebes noted Africa will only be able to overcome developmental challenges to attain “The Africa We Want” if governments and individuals uphold the principles of inclusivity by pulling together towards a common goal.
//Hoebes was speaking on Thursday at the opening of the coastal trade fair. According to the minister, forums such as the Discover Namibia Conference share the same objective – that of promoting equitable outcomes by ensuring that young people and women trading as MSMEs in the township and rural economies are not left behind.
“These interventions by government and the private sector are necessary to champion and domesticate the transformational opportunity of reaching everyone, particularly for young people and women to take full advantage of the opportunities presented through the implementation of the AfCFTA,” she said.
//Hoebes added that too many Namibians continue to face the scourge of poverty and economic exclusion daily and young people are searching for a way out of economic hardship and towards economic inclusion and empowerment.
“The status quo cannot continue and, therefore, government will continue to address structural imbalances hindering the economic aspirations of our young population,” she expressed.
Established in 2022, the conference is the brainchild of the Africa Economic Leadership Council (AELC), an organisation established to impact the manner in which entrepreneurs engage with one another.
AELC co-founder and president Heinrich Hafeni Nghidipaya said the conference is a platform for local MSMEs to showcase their products and services, attract investment and promote economic growth, which in turn leads to employment creation, among others.
“‹This year, AELC decided to re-strategise to focus more on the development of township economy and MSMEs promotion,” he said.
Close to 100 exhibitors and delegates are participating in the three-day event.
The Discover Namibia conference is taking place under the theme, ‹Unlocking Intra-Africa Trade Opportunities for MSMEs, Townships and Grassroots Economies›. – Nampa