Maria David
THE establishment of Special Economic Zones can significantly boost industrialization, enhance export capabilities, and stimulate economic growth.
This was according to Minister of Industrialization and Trade, Lucia Iipumbu, who said that the concept of Special Economic Zones has proven to be a catalyst for economic transformation in various parts of the world.
Iipumbu made these remarks during a consultation meeting held in the Oshana Region on Monday, focusing on the Special Economic Zone Bill (SEZ), the National Informal Economy, Start-ups and Entrepreneurship Development Policy (NIESED), Namibia Investment Promotion and Facilitation Regulations, and the National Cooling Strategy.
She emphasized that these legislations hold the potential to shape the economic landscape of the country and pave the way for significant growth and development.
“By creating designated areas with favourable business conditions and incentives, governments aim to attract both domestic and foreign investments, foster innovation, and generate employment opportunities,” she said.
She added that at the same time, they must address concerns related to environmental sustainability, labour rights, and the equitable distribution of economic benefits across the country.
Iipumbu indicated that the four O-regions, including Kunene, remain strategic in terms of benefiting from the SEZ regime given their proximity to neighbouring countries, facilitating the ease of exporting products from the designated zones.
Therefore, she emphasized the need to utilize this law to ensure the creation of avenues for value addition to resources, thereby creating much-needed jobs.
“Our government recognizes the invaluable role that the informal economy plays in our nation’s economic landscape. The men and women who form the backbone of this sector contribute significantly to our GDP, create employment opportunities, and foster innovation,” she added.
Furthermore, she indicated their commitment to fostering an inclusive and sustainable entrepreneurial culture, with the policy addressing the unique challenges faced by women entrepreneurs, young startups, and those from marginalized communities.
By promoting diversity and inclusivity, Iipumbu said that they aim to unlock the untapped potential within society and build a more resilient and dynamic economy.
Oshana Governor Elia Irimari said that the Special Economic Zone Bill has the potential to boost economic growth and create jobs by attracting businesses and encouraging industries to thrive within the region.
“The National Informal Economy, Startups, and Entrepreneurship Development Policy is equally critical as it seeks to provide a supportive environment for our entrepreneurs who are the backbone of our economy,” he said.
He expressed confidence that the contributions from the business community would be valuable in shaping these policies and regulations to ensure they deliver the desired outcomes and benefits for all Namibians.
