OKAKARARA – The Otjozondjupa region has the economic capacity to contribute to the national economy, and its current state of growth provides a solid foundation for future socioeconomic advancement.

This is according to the region’s governor, James Uerikua, who was speaking at the official opening of the 15th edition of the Okakarara annual trade fair last Thursday. The trade fair started on Monday and ended Saturday under the theme ‘SME Promotion, Technology Advancement and Livestock Marketing’.

Uerikua said in order for the people of the region to unlock business growth opportunities in Okakarara, they should look at SME promotion.

SMEs, he said, play a key role in transition and developing countries.

“These firms typically account for more than 90% of all firms outside the agricultural sector, and constitute a major source of employment, and generate significant domestic and export earnings. As such, SME development emerges as a key instrument in poverty reduction efforts,” Uerikua said. The governor further stated that globalisation and trade liberation have ushered in new opportunities as well as challenges for SMEs, adding that presently, only a small part of the SME sector is able to identify and exploit these opportunities and deal with the challenges.

“A major objective of work to promote the development of the SME sector is therefore to change the balance between these two groups of SMEs and to equip SMEs to better meet the challenges of globalisation and to benefit from its opportunities. SMEs, due to their size, are particularly constrained,” he said.

- Nampa