Maihapa Ndjavera
The trade ministry has partnered with the German Sparkassenstiftung for International Cooperation (DSIK) to strengthen the capacity of micro, small and medium enterprises (MSMEs) in Namibia through the provision of business simulation training workshops.
At the opening of the three-day workshop on Monday, trade minister Lucia Iipumbu said the overall objective is to bring about transformational change in unleashing the growth potential of MSMEs in Namibia through entrepreneurial behaviour modification and mindset change, skills development and the provision of a comprehensive range of business development advisory services (BDS).
The training will run in all 14 regions, reaching about 1400 MSME’s by July 2023.
“The participants to be trained include registered and non-registered MSMEs. This is simply to allow growth within the business world by allowing the participants to learn from each other and the importance and benefits of teamwork, which will lead to business stability in the country,” added the minister.
Mandated by government to facilitate the country’s economic development activities through the formulation and implementation of appropriate policies to attract investment, increase trade and expand the country’s industrial base, the minister noted that the micro-business simulation training is further aimed at helping entrepreneurs learn and manage their businesses successfully.
The training will focus mainly on financial management aspects such as business planning, forecasting, record-keeping, budgeting and financial statements to enable entrepreneurs to get the know-how of financial management.
MSMEs are the roots of many economies around the globe, and would play the same role in Namibia if supported and developed. These small businesses could eventually grow into larger enterprises which would contribute greatly to the country’s gross domestic product.
Last year, Iipumbu noted that a well-skilled and equipped MSME can contribute significantly to the economy in terms of skills development, innovation, job creation, local value-addition and economic growth.