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Make buying local products and services a priority, it helps to speed up economic recovery

Make buying local products and services a priority, it helps to speed up economic recovery

The agency that promotes Namibian products and services in the local market, Team Namibia, has launched a special appeal to Namibian consumers to focus on buying from Namibian companies.

Executing its mandate to raise awareness of local products and services, the lobby organisation said “now more than ever, all Namibians must be encouraged to support local businesses.”

Coming out of a prolonged recession, Team Namibia stated that the impact of reduced consumer spending by both businesses and private individuals, has had a marked slow-down effect on the economy. To counter this effect, consumers should make it their top priority to buy only Namibian products where available and in as much as they can afford to.

“This collaborative switch in consumption patterns can notably improve the trade balance and ensure that money spent, remains in the local economy. Furthermore, this can create and protect local jobs, because when local businesses are supported by buying their products and services, it leads to sustainable economic development which reduces poverty in turn,” said the lobby group’s Account Director, Bärbel Kirchner.

“Through shopping, buying, procuring local, we can impact the economy. This is as relevant when we buy groceries and consumer goods, as when we decide where we spend our holidays. How businesses and authorities buy their products and services also has an enormous impact, whether this relates to office supplies, corporate clothing or uniforms, IT services or indeed construction services,” she continued.

On the multiplier effect of local purchases, she said that buying local does more than support local businesses as it also circulates more money in the local economy and it improves the rate at which that happens. It also means that less has to be imported, again contributing to an improved trade balance and more local liquidity.

“Buying local means that profits are spent or invested locally. Thus, money spent locally is re-spent locally, continually meeting local needs,” she said.

Noting that the recession has cost many people their jobs, Team Namibia said this also had a detrimental effect on consumer spending. Focussing on buying local products, accelerates businesses’ return to profitability with the result that they start hiring employees again. This has a positive effect on employment and consequently on consumption.

“During the current harsh economic conditions Team Namibia’s mantra, “together our future is brighter”, reiterates the importance of teamwork among consumers and institutional buyers in lending a hand to the economy, in the spirit of Uukumwe,” concluded Kirchner.


 

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