Economic association engages on SME development

STAFF REPORTER
  • 3 Hours Ago
On Tuesday, November 5, 2024, the Economic Association of Namibia (EAN) held an engaging public discussion titled “Bridging the Gap: Government Funding Solutions for Namibian Startups and small and medium enterprises (SMEs)” at the Hilton Hotel in Windhoek. The event aimed to address critical funding challenges facing SMEs and startups in Namibia, with an emphasis on practical government-driven solutions.

Giving the opening remarks, Jesaya Hano-Oshike the vice president of the Economic Association of Namibia, spoke on the importance of supporting SME’s “There is a pressing need to streamline and enhance support mechanisms for MSMEs. Simplifying public procurement processes, reducing interest rates on loans and fostering collaboration with commercial banks are critical steps towards creating a conducive environment for MSMEs to thrive,” Hano-Oshike said.

In her keynote address, sports deputy minister Emma Kantema-Gaomas called for collaborative action between the government and the private sector in terms of driving sporting initiatives. “Stakeholders such as government agencies, business associations and financial institutions should collaborate to create an enabling environment for the youth owned SMEs. Recognizing the importance of the positive relationship between the business climate factors and the performance of SMEs, financial institutions and organisations that are supporting entrepreneurship should focus on providing accessible financing options, specifically that are tailor made when it comes to youth,” she said.

Ministry of industrialisation deputy executive director for industrial development said targeted investments would help grow the economy.

“By investing in capacity building initiatives, Namibia can nurture a generation of entrepreneurs who are not only skilled in managing their businesses but are also equipped to mentor others, fostering a culture of continuous learning and growth,” he said.