Chamber of Commerce spotlights concerns in the way of economic growth to Parliamentary Committee
The Parliamentary Standing Committee of Economics and Public Administration led by its Chairperson
Natangwe Ithete is on a fact-finding mission to towns in the Oshikoto, Oshana, Omusati, and Ohangwena regions.
At a meeting on Sunday with the branch leadership of the Namibia Chamber of Commerce and Industry (NCCI) the country’s national business sector representative body again used the opportunity to spotlight concerns standing in the way of economic growth.
Although applauding the implementation of a credit guarantee scheme by the government, NCCI feels more can be done to relax collateral and security requirements against loans. Pointed out that by doing so enterprises will be better placed to swiftly access much-needed loans for working capital, to fund asset and stock needs.
The Chamber also feels that government should explore with the financial services sector, more creative funding mechanisms tailored to the specific needs of Namibia’s enterprise sector. Not just copy-and-paste products from South Africa.
Growing security and the inactiveness on the part of the police to respond swiftly to reports of criminal activity, and to stem the smuggling of goods, including liquid fuel, from neighbouring countries, was another concern expressed by NCCI.
The Chamber also highlighted its concern about a skewed investment promotion strategy of government that favours foreign investors and ignores the importance of domestic investment.
NCCI feels that the decentralization of services is long overdue and cited the operations of the business regulatory authority BIPA as an example, lamenting that access to much-needed services adds to the cost of doing business, especially for small enterprises in towns and villages across Namibia.
NCCI also bemoaned the fact that it is taking far too long for changes to be ushered in that will make Namibia’s business landscape conducive for local entrepreneurs to start an enterprise and to position the already existing firms for growth.