Popular Democratic Movement (PDM) MP Maximalliant Katjimune has called for an investigation into the challenges faced by small and medium enterprises (SMEs) in Namibia, emphasising the critical role the sector plays in the nation's economy.

Katjimune said the SME sector accounts for 90% of enterprises worldwide, employing 50% of the global workforce and contributing 40% to the gross domestic product (GDP) in emerging markets. 

Katjimune expressed concern over the low success rate of Namibian SMEs, estimating that around 70% fail shortly after commencement. 

He linked these alarming statistics to the lack of financing and access to capital, especially following the collapse of the SME bank in 2017.

Contributing to the motion, PDM Leader McHenry Venaani raised concern about the private and banking sectors' reluctance to take initiatives to support SMEs, highlighting their stringent collateral requirements. 

Acknowledging the importance of addressing SME support, Prime Minister Saara Kuugongelwa-Amadhila disclosed that the Cabinet has given the green light for additional measures aimed at empowering SMEs.