The Ministry of Industrialization and Trade is seeking input on policies that would accelerate economic growth, promote entrepreneurship, and create a conducive environment for investment.
Minister Lucia Iipumbu sat down with the business community in Rundu for input on the draft Special Economic Zone Bill.
"Special Economic Zones have proven to be effective instruments for attracting investment, fostering industrialization, and creating employment opportunities. Through the SEZ Bill, we aim to provide a conducive environment for businesses to thrive by offering tax and non-tax incentives, infrastructure support, and streamlined regulations. However, it's imperative to strike a balance between providing incentives for investors and ensuring that the benefits trickle down to local communities."
The national informal economy, start-ups, and entrepreneurship development policy aims to provide support and resources to informal businesses, start-ups, and entrepreneurs.
"Namibia's informal economy is a significant contributor to employment and economic activity. However, it faces numerous challenges, including a lack of access to finance, limited market access, unsuitable operating space, and regulatory barriers. This and many other undertakings are aimed at operationalizing a start-up centre and also to assist us in identifying where we can construct the open markets and where we can put up infrastructure for traders."
The Namibia Investment Promotion and Facilitation Bill is about creating an attractive environment for domestic and foreign investment, while the national cooling strategy aims at promoting energy efficiency and sustainability.
"As our economy grows, we also need to look at how we grow this industry. If they're not managed properly, our cooling systems can have serious environmental and economic implications. The NCS in this instance seeks to address challenges and also seeks to promote the use of energy-efficient cooking technologies while reducing carbon emissions and minimising the environmental impact."