Namibia: SME's Crucial for Economic Growth

31 August 2012

First National Bank (FNB) Namibia Holdings Chief Executive Officer (CEO) Vekuii Rukoro says an estimated 38 000 business entities in Namibia could be classified as small and medium enterprises (SME's).

Rukoro, who is also the President of the Namibian Employers' Federation (NEF), said this at the official opening of the Ongwediva Annual Trade Fair (OATF) 2012 here on Monday. Although most of the SME's currently operate in the informal sector or shadow economy, Rukoro noted that it is estimated that their collective contribution towards the national economy may exceed 26 percent of GDP [Gross Domestic Product]. This, the FNB Group CEO said, demonstrates the importance of the SME sector in Namibia.

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