Politics

Namibia: Small Businesses Can Be the Foundation of the Economy… As Trade Ministry Launches Know2grow Initiative


Trade minister Lucia Iipumbu said micro, small and medium enterprises (MSMEs) are the roots of many economies around the globe and would play the same role in Namibia if supported and developed. She said these small businesses could eventually grow into larger enterprises that would contribute greatly to the country’s gross domestic product.

Iipumbu made these remarks on Friday at the launch of the Know2Grow (K2G) initiative spearheaded by the Namibia Investment Promotion and Development Board (NIPDB).

K2G is a regional knowledge dissemination initiative for MSMEs focussing on financing and market access for sectors such as agriculture, horticulture, and food processing.

“A well skilled and equipped MSME can contribute significantly to the economy in terms of skills development, innovation, job creation, local value addition and economic growth of a country,” said Iipumbu.

The trade minister noted the decision to start the K2G in the southern part of the country as key as the ministry had observed low participation by businesses in the southern regions (Hardap and //Kharas) in funding and training initiatives rolled out in the past two years.

Some of the programmes were aimed at providing relief to businesses impacted by Covid-19. She attributed the inertia to a lack of information by small businesses.

“K2G will surely assist many MSMEs to grow and acquire the much-needed information in terms of funding and other opportunities which will aid them to grow and access market space for their products both locally and internationally,” Iipumbu said.