Namibia: Govt Pledges Support for Young Namibian Entrepreneurs

27 August 2024
The Namibian (Windhoek)

Vice president Netumbo Nandi-Ndaitwah has called on young entrepreneurs to meaningfully participate in the socio-economic development of the country.

She was speaking at the opening of the 23rd Ongwediva Annual Trade Fair (OATF) on Saturday.

"The youth are the future business leaders of our country. The government will put in place friendly policies and laws to advance the growth of young entrepreneurs and the local business people in general," Nandi-Ndaitwah said.

According to Nandi-Ndaitwah, the trade fair provides an opportunity for participants to learn the skills and roles of business in order to be economically empowered.

This year, the OATF is being held under the theme 'Bridging Tradition and Innovation'.

Nandi-Ndaitwah said the theme demonstrates a clear departure from the ordinary way of conducting business, towards embracing a culture of innovation.

"Change and innovation are critical enabling factors for businesses to become competitive in the local, regional and international markets. For our businesses to grow and expand, particularly our small and medium enterprises, they should embrace innovation."

She urged local businesses to participate successfully in the regional and global economy by adopting innovative, smart and appropriate technologies that put them on par with their international counterparts.

In 2022, the government established a task force to drive Namibia's fourth Industrial Revolution (4IR), transform the country's economy, increase its productivity and enhance global trade.

Nandi-Ndaitwah said the purpose of the national 4IR drive is to create jobs, boost exports, generate wealth, diversify the national economy and broaden the country's tax base.

"In this context, our government's new approach and strategic thrust towards economic development embraces innovation in a rapidly changing global market," she said.

She further appealed to businesses to start embracing smart technologies to improve productivity.

She said in doing so, they will be able to think outside the box, create new entrepreneurial initiatives and increase productivity and profitability and save the nation.

This year, a total of 457 exhibitors are participating in the trade fair, including 17 international exhibitors.

Read the original article on Namibian.

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