Full and active participation in the national, regional and global economy requires our businesses to adopt innovative, smart and appropriate technologies in order to be successful in the fourth industrial revolution, Vice-President, Nangolo Mbumba has said.
Speaking last week at the opening of the 14th post Covid-19 edition of the Okakarara Trade Fair, Mbumba highlighted that government’s new approach and strategic thrust towards economic development embraces a smart economy in a rapidly changing world.
He also noted that in President Hage Geingob’s keynote address at the Ongwediva Trade Fair, Geingob stated that we would have to “work smarter and bring in aspects of smart economies and the Fourth Industrial Revolution (4IR)”, in our quest to achieving our vision.
“Therefore, the road to achieving industrialization requires both private and public sectors to think outside of the box and create new entrepreneurial initiatives, in the case of businesses, that increase productivity with the goal to improving the quality of life for our citizens,” Mbumba further said.
Trade Fairs such as the Okakarara Trade Fair and others across the country, which afford opportunities to businesses especially SMEs to showcase their products to a vast market; to network with bigger companies require our steadfast support, Mbumba noted.
“We are all aware that Namibia’s economic outlook has not been favourable in recent years. The global economy not long ago experienced a slowdown, which placed tremendous economic pressure on developing nations such as Namibia. Within our boarders we experienced a period of drought which was further exacerbated by the pressures of the COVID -19 pandemic. To makes situations worse our SMEs had to navigate those difficult terrain. Those that survived still continue to face a myriad of problems, such as limited skills, lack of finances and high rental rates threatening their survival.
“However, there is light at the end of the tunnel, as we are headed to a recovering economy. We should redouble our efforts to building resilient and future proof businesses. Our SMEs can only enter the economic mainstream if we shift gears higher up and if we all drastically double up efforts, and go beyond the little we are doing today, and do more for our SMEs,” Mbumba explained.
He went on to say that events such as the Trade Fair require the continued support of communities, and all stakeholders because trade fairs are often the place that companies use as a testing ground for new products, processes, ideas and strategies.
“I am informed that about one hundred and twenty (120) exhibitors both local and international are represented at the Okakarara Trade Fair.
“Our Government’s policy on “Growth at Home” which emphasizes industrialization, manufacturing and value addition, and that aims to develop value chains are based on raw materials available in Namibia. The Otjozondjupa region is known for livestock production. However, most of the livestock produced in this region is unluckily exported on hoof without any value addition and without creating employment,” Mbumba noted.