Trade minister engages with public on economic transformation initiatives

Industrialisation and trade minister Lucia Iipumbu recently spearheaded a public consultation event in Walvis Bay, with a focus on pivotal legislation and policy document developments.

The discussions centred on the Special Economic Zone Bill (SEZ), the National Informal Economy, Startup and Entrepreneurship Development Policy (NIESED), and the Namibia Investment Promotion and Facilitation Regulation Bill, alongside the National Cooling Strategy.

Erongo Region governor Neville Andre Itope highlighted the importance of advancing local businesses to foster growth and investment.

With thousands of establishments in the region, Itope emphasised the necessity of creating a conducive environment to stimulate optimal growth and attract future investments.

Iipumbu underscored the global success of the Special Economic Zones as catalysts for economic transformation.

“We have therefore embarked on a journey to tailor this concept to our unique needs and aspirations as a country as we strive to have it as a law to replace the Economic Processing Zone (EPZ) regime, which has thus far brought about various challenges.”

Job creation

Additionally, she emphasised the strategic importance of the Erongo Region in attracting investments across various sectors, including mining, fishing, renewable energy and logistics.

Iipumbu said the ministry is at an advanced stage in finalising and enacting the Namibia Investment Promotion and Facilitation Bill, which underwent comprehensive consultations.

She said regulations are being presented to offer detailed guidance and specific rules for implementing and enforcing the broader principles outlined in the law.

“It is important that we ensure that this bill is fit for purpose and use it to guarantee that we create an avenue for value addition to our resources to create much-needed jobs," Iipumbu added.

Addressing challenges

Local entrepreneurs highlighted the need for more machinery and permanent licences to facilitate their operations. Iipumbu acknowledged their concerns, affirming the ministry's objective to provide a supportive ecosystem for start-ups and entrepreneurs.

She outlined policies aimed at addressing challenges faced by women, emphasising inclusivity and sustainability.

“We understand that there are engines of innovation driving economic growth and job creation. This policy therefore aims to create a supportive ecosystem that encourages the birth and growth of new enterprises, ensuring that they have the necessary resources, mentorship, and infrastructure to thrive.”