As a member of the Africa Continental Free Trade Area Agreement (AfCFTA), Namibia is ready to champion initiatives that target women and youth participation in key economic sectors.

This is according to the Minister in the Presidency, Christine ||Hoebes who says the government has identified sectors where women and youth have a competitive advantage.

||Hoebes addressed the official opening of the Discover Namibia Intra Africa MSME and Township Expo at Swakopmund.

The minister says she was impressed by the three-day event, which took place in Mondesa Township, and commends the Africa Economic Leadership Council for celebrating the informal economy.

||Hoebes highlighted the benefits of the AfCFTA, which stresses the need to empower women and youth to participate in business, noting that these groups are faced with a myriad of challenges.

"I am cognizant of the greater demand for start-up capital. Terms to borrow funding are often prohibitive for young entrepreneurs, and while there is no shortage of good business ideas, there is a limited supply of risk capital for start-ups, more so in the township and rural economies. In response, the Ministry of Industrialization and Trade and NIPDB are formulating the Namibia Start-Up Policy and the National Informal Economy Policy. These policy instruments are there to create an enabling environment for entrepreneurs and start-ups."

The event was founded by two young businessmen, Percy Morapedi Koji and Hafeni Heinrich Nghidipaya, both of whom started from humble beginnings in their respective townships.

The International Labour Organisation estimates that the informal economy accounts for 30% to 70% of total employment in Southern Africa, while in Namibia, it was believed to be at 57% in 2021.