Boost MSME’s to boost economic growth
In Namibia, approximately 33 700 micro, small and medium enterprises (MSMEs), of which around 15 000 are formally registered, provide some form of employment and income to 160 000 Namibian citizens.This represents about one third of the nation’s workforce. Overall, the contribution of MSMEs’ constitutes approximately 12% of Namibia’s gross domestic product (GDP).
These remarks were made by the governor of the Oshikoto region Penda ya Ndakolo in his keynote address at occasion of the Know2Grow NextGen Entrepreneurs Showcase in Tsumeb hosted by the Namibia Investment Promotion and development Board (NIPDB).
MSME’s are key contributors to employment creation, income generation, and poverty eradication for the people of Namibia, in both rural and urban areas. MSMEs are the backbone of the Namibian economy. “Therefore, we need to ensure that their businesses are scaled to continue contributing to the economy of our great country,” he said.
“It is imperative that we pave the way for youth-led initiatives and support the acceleration of their business ventures. Young people should have an environment in which their brilliant and innovative business models are recognized and encouraged in order to sustain the next generation,” he added.
The platform will connect MSMEs with each other as well as with Business Support Organizations and their current and potential clients. In addition, the MSMEs will showcase their products and services, and attend various seminars aimed at sharing information about managing their businesses, as well as Business to Business retail engagements, specifically focused on enabling business owners to get their products on retail shelves as well as export ready.
Tsumeb Mayor Matheus Hangula said he aspires to see the best ever forthcoming Second Know2Grow NextGen Entrepreneurs Show coming to Tsumeb again in 2023 - as it grows to become a comprehensive effort that engages entrepreneurs, investors, policymakers, researches, support organizations and others collaborating to advance the economic growth and innovation in all corners of our country.