Namibia, with its wide range of biodiversity and cultural heritage, has huge potential for benefiting communities with the production of local products that can be expanded and delivered to the global market.
This observation was made at the Namibia Trade Forum meeting that was attended by various stakeholders, which highlighted the significance of bio-trading and the importance of commercialising local products.
SME businesses were encouraged to engage and collaborate with bio-trading entities in the public and private spheres to foster innovation, improve product development, and enhance their competitive edge on a global scale.
Bio-products are organic products made from living organisms such as plants, animals, and fungi.
Deputy Minister of Industrialisation and Trade, Verna Sinimbo, called on SMEs to explore the vast potential for collaboration locally and between continents to bridge the gap between tradition and innovation.
She stated that through partnerships they could harness opportunities, expand the export market, and enhance development.
Namibian bioproducts range from food such as mopane worms and maize meal, traditional medicines such as devil's claw, and a huge variety of oils such as aloe vera oil and marula oil, amongst many.
"Our continent, the African continent, and Namibia in particular is a land of profound cultural and biodiversity potential. It is a place where ancient traditions coexist with a rapidly evolving modern world. These indigenous natural resources are in demand and often include ingredients such as food, supplements, cosmetics, and medicines."
Sinimbo added that the ministry is eager to support MSMEs through targeted assistance programmes via their Equipment Aid Scheme, which is designed to assist the sector in helping them acquire modern technological equipment that can transform business processes, leveraging Namibia's traditional resources.
Interim CEO of the Namibia Trade Forum, Rodney !Hoaëb, emphasised on the potential that lies in integrating biodiversity into the economic landscape through sustainable practices.
This includes products derived from agriculture, pharmaceuticals, cosmetics, and biomass that align with Namibia's trade programme and its goals for public-private dialogue.
The event, held under the theme Fostering Europe-African Partnerships: Promoting Regional and Domestic Cooperation for Bio Trade Innovations and Products, allowed small business enterprises to display their products.