Iipumbu: Partake in bread, butter talks

Source: New Era Live

WALVIS BAY - Trade minister Lucia Iipumbu has urged Namibians to participate and provide input in ongoing consultations on the Special Economic Zone (SEZ) Bill, as well as the National Informal Economy, Startups and Entrepreneurship Development (NIESED) policy.

Iipumbu is of the fervent view that Namibians' insights are invaluable in shaping the future of the country's economic trajectory - as such, their active participation cannot be overstated.

"The EPZ proved to be unsuccessful in yielding the requisite taxes to the Treasury and, therefore, led to Namibia being almost blacklisted as a tax haven. Cognisant of such developments, it has become imminent to reconsider the EPZ," Iipumbu said.

According to her, the new policy aims to create an enabling environment that focuses on key aspects such as understanding the needs of informal business operators and providing entrepreneurial training.

"These legislations are key in shaping the economic dimension of Namibia, which can ultimately result in significant growth and development of our country... The ministry has 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 EPZ regime, which has thus far brought about various challenges. "At the same time, we must address concerns related to environmental sustainability, labour rights and the equitable distribution of economic benefits across our country. We must consider all social implications of SEZs, ensuring that the economic benefits are shared equitably among all segments of society," Iipumbu stated. The minister made the call in Walvis Bay earlier this week while addressing residents and the business community at a public consultation on the SEZ Bill, NIESED, Namibia Investment Promotion and Development Board, as well as facilitation regulations and national cooling strategy. These consultations were necessitated by Namibia's forced phasing out of the EPZ scheme.

Namibia is currently transitioning to the SEZ system. This required the reconsideration of the EPZ and the need to seek a more conducive and sustainable regime, hence the shift to SEZ.

The trade ministry is also in the process of developing the national policy on the informal economy.

The policy aims to create an enabling environment, focusing on key aspects such as understanding the needs of informal business operators, providing entrepreneurial training, supporting business infrastructure for the sector, integrating digitalisation and establishing incentives for sector development.

Speaking at the same occasion, Erongo governor Neville Andre stated: "These are timely consultations, which we embrace as a region, and attach great value to the process. It is with no cloud of doubt that the Erongo region serves as an economic backbone to the prosperity of our nation through its rich natural endowments, compounded by other economic fundamentals such as the informal trading sector and SMEs."

For Andre, "It is safe to say there is still a need to create heavy investments in the national economy through macro investments, driven by entrepreneurs."