AU forum highlights important role of MSMEs
...Account for 90% of all businesses
Small businesses play a crucial role in sustaining livelihoods, particularly for the working poor, women, the youth and vulnerable groups, Vice-President Netumbo Nandi-Ndaitwah said.
Micro, small and medium-Sized enterprises (MSMEs) play an underappreciated role in the global economy. This according to Namibia Investment Promotion and Development Board (NIPDB) CEO Nangula Uaandja, who was speaking at the opening of the African Union annual MSME Forum, which kicked off at the Windhoek Country Club on Monday.
“This forum will provide a platform where the young people in Africa and [stakeholders] take up the responsibility of the development of the continent,” Uaandja said.
Job creation
In a speech read on her behalf by Mateus Kaholongo, deputy executive director in the Office of the President, Vice-President Netumbo Nandi-Ndaitwah said MSMEs account for 90% of all businesses and provide more than two-thirds of business employment.
She said MSMEs, as the backbone of societies worldwide, play a crucial role in local and national economies and in sustaining livelihoods, particularly for the working poor, women, the youth and vulnerable groups.
She said in Namibia, 15 000 registered MSMEs contribute approximately 12% to the country’s gross domestic product (GDP).
“National statistics indicate that the informal sector, which is primarily composed of small businesses, employs 58% of Namibia’s labour force. Despite this tremendous contribution to our GDP and employment, this sector remains underserved,” Nandi-Ndaitwah said.
Benefits
The vice-president noted that the forum provides an opportunity for Namibian policymakers, investors and regional stakeholders to tackle various challenges facing MSMEs, such as market access, funding and opportunity constraints.
Albert Muchanga, commissioner for trade and industry at the African Union Commission, advised small business owners to familiarise themselves with the African Continental Free Trade Area (AfCFTA) protocol on intellectual property rights and explore how start-ups can benefit from it.
“The forum provides a platform for capacity-building, networking and exhibition for MSMEs. It is my hope that you will make use of these opportunities and go back to your respective homes and offices with better prospects for the growth of your business,” he said.
The forum’s main objective is to provide a platform for MSMEs to understand the AfCFTA, and is themed 'Fostering financial empowerment and educational innovation for African start-ups and MSMEs'.
“This forum will provide a platform where the young people in Africa and [stakeholders] take up the responsibility of the development of the continent,” Uaandja said.
Job creation
In a speech read on her behalf by Mateus Kaholongo, deputy executive director in the Office of the President, Vice-President Netumbo Nandi-Ndaitwah said MSMEs account for 90% of all businesses and provide more than two-thirds of business employment.
She said MSMEs, as the backbone of societies worldwide, play a crucial role in local and national economies and in sustaining livelihoods, particularly for the working poor, women, the youth and vulnerable groups.
She said in Namibia, 15 000 registered MSMEs contribute approximately 12% to the country’s gross domestic product (GDP).
“National statistics indicate that the informal sector, which is primarily composed of small businesses, employs 58% of Namibia’s labour force. Despite this tremendous contribution to our GDP and employment, this sector remains underserved,” Nandi-Ndaitwah said.
Benefits
The vice-president noted that the forum provides an opportunity for Namibian policymakers, investors and regional stakeholders to tackle various challenges facing MSMEs, such as market access, funding and opportunity constraints.
Albert Muchanga, commissioner for trade and industry at the African Union Commission, advised small business owners to familiarise themselves with the African Continental Free Trade Area (AfCFTA) protocol on intellectual property rights and explore how start-ups can benefit from it.
“The forum provides a platform for capacity-building, networking and exhibition for MSMEs. It is my hope that you will make use of these opportunities and go back to your respective homes and offices with better prospects for the growth of your business,” he said.
The forum’s main objective is to provide a platform for MSMEs to understand the AfCFTA, and is themed 'Fostering financial empowerment and educational innovation for African start-ups and MSMEs'.
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