There is a need to boost and back up micro, small, and medium enterprises in the country to create jobs and empower young people.
The Deputy Minister of Sport, Youth, and National Service said this during a public discussion on Bridging the Gap in Government Funding Solutions for Startups.
The discussion aimed at addressing critical funding challenges facing small and medium-sized enterprises and startups, with an emphasis on practical government-driven solutions.
The Minister of Sport, Youth, and National Service, Emma Kantema, emphasised the government’s commitment to empowering the youth entrepreneurs.
“We look at the contribution that SMEs make to the GDP, and even when it comes to Namibia, it is around twelve percent, so it is very important that we unpack in terms of identifying the gaps that are handling the SME’s from fulfilling their contribution or to upscale in order for us to create jobs when it comes to self-employment and to create jobs for others.”
The vice president of the Economic Association of Namibia, Jesaya Hano-Oshike, reinforced that supporting MSMEs is not only economically strategic.
“We know that there’s a lot of job seekers on the streets, leading to huge unemployment. Therefore, entrepreneurship is really one way to solve this. So, we know that SMEs, MSMEs, and startups play quite a critical role in economic development. Globally, MSMEs constitute about 90% of small businesses, and they create 70% of employment.”
The discussions also identified financing gaps and suggested further measures, such as simplified procurement processes and stronger partnerships with investment and financial institutions.
The event was organised by the Economic Association of Namibia, which reaffirmed its commitment to driving economic empowerment in the country by bridging the gap between government initiatives and business needs.