The Minister of Industrialization and Trade, Lucia Iipumbu, says that the government recognises the invaluable role that the informal economy plays in the nation's economic landscape. 

Iipumbu says that the men and women who form the backbone of this sector contribute significantly to the GDP and create much-needed employment opportunities. 

She said this during a consultation meeting aimed at drafting a Special Economic Zone Bill (SEZ).

The Minister of International Relations and Cooperation, Peya Mushelenga, had substantive and productive talks with Russian Foreign Minister Sergey Lavrov.

Dr. Mushelenga's visit was his first visit to Russia as Minister of International Relations and Cooperation.

A statement issued by the Russian Embassy says the two ministers agreed that bilateral ties, rooted in the uncompromising struggle of the Namibian people for self-determination, are expanding and based on friendship and mutual affection between the peoples.

Venezuela's Ambassador to Namibia says he is proud of the trajectory of bilateral relations between the two countries.

Omar Paredes paid a courtesy call on President Nangolo Mbumba at State House earlier on Wednesday.

The recent inaugural Namibia-Venezuela Joint Commission of Cooperation meeting saw the identification of critical economic areas of interest, including mining, agriculture, and housing.

Potential products for trade from both sides identified encompass fish, beef, salt, minerals, and petroleum, among others.

Lack of coordination between border agencies is among the reasons why there are delays in releasing import or export goods at the port of Walvis Bay.

This is according to the first ever Time Release Study report, which has identified bottlenecks that impede seamless trade at the port.

In 2018, Namibia ratified the World Trade Organisation Facilitation Agreement.

Member states are hence required to measure and publish the average time it takes for goods to be cleared at the borders.

The Minister in the Presidency, Christine ||Hoebes, has appealed to Japan to provide assistance in training Namibians in emerging sectors such as Green Hydrogen, oil, and gas.

||Hoebes, along with other Cabinet Ministers, held discussions with the visiting Japanese Minister of Economy, Trade, and Industry and his delegation at State House.

Japan ranks among the top Asian countries with advanced industries in technology required for the production of energy, including green hydrogen and other sources of energy.

The US Biden administration has committed to renewing the African Growth and Opportunity Act (AGOA) as calls for equal trade between Africa and the US deepen.

nbc's Blanche Goreses shares more from the US-Africa summit.

Namibia and South Africa have been urged to boost trade and investment and foster stronger business partnerships to address economic challenges and alleviate poverty in both countries.

Namibia and South Africa have a longstanding history of trading relations, primarily due to their economic integration and geographical proximity.

During the period from 2015 to 2017, South Africa maintained a trading balance of N$30 billion per year with Namibia. In the past year, the total trade between the two countries reached N$67.1 billion, encompassing both imports and exports.

The Minister of Trade and Industrialisation Lucia Iipumbu has urged the business community to promote investment opportunities at home and internationally through trade.

Ipumbu says as the custodian of business development in the country, the ministry will continue to look at different avenues to assist businesses to develop and grow.

During this financial year, the ministry plans to roll out the limited support programme and facilities aimed at assisting the SME sector to grow.

The programme will kick off with the training of young entrepreneurs.

Zambia's Minister of Commerce, Trade, and Industry has urged African countries to trade among themselves before engaging with the outside world.

Chipoka Mulenga remarked this at the Namibia-Zambia Business Seminar panel discussion held at Swakopmund.

The Zambian Minister says African nations should start enhancing one another instead of competing against each other.

He lauded Namibia for its strong economic growth, significant advancement in development and the country's accomplishments in the last few years, which Zambia wishes to benchmark from.