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High-level engagement avails private sector platform to identify challenges faced in sectors

High-level engagement avails private sector platform to identify challenges faced in sectors

A high-level private sector engagement was held on 30-31 August where industry leaders provided insights and identified challenges faced by the private sector.

Convened by the Ministry of Industrialisation and Trade (MIT) and the United Nations Development Programme (UNDP), the engagement aimed at promoting inclusive and sustainable development in Namibia and fostering a partnership between the private sector and the government through the mobilisation of domestic resources, innovative finance, technology, and foreign direct investment.

UNDP said industry leaders maximised awareness of opportunities and facilitated the involvement of the private sector in the national development initiatives for sustainable development.

“The event skilfully fostered meaningful dialogue around four themes namely, institutionalizing partnerships, a collaboration between the public and private sector, financing, and impact investment, sustainable inclusive green growth, accelerating skills development for employment and entrepreneurship, and fostering the integration of the growth of the informal economy to ensure enhanced and structured economy of the future,” they added.

UNDP Resident Representative, Alka Bhatia said the pivotal role of the private sector in actively participating in the transformation of the Namibian economy.

“I call upon the private sector to come together and provide substantive input in the National Development Plan (NDP) and contribute to the development agenda of the country,” she added. She pledged the commitment of the UNDP to support the continued engagement of the government and private sector through a private sector-led dialogue platform.

Minister of Trade and Industrialisation, Hon. Lucia Iipumbu called upon the private sector to coordinate themselves and take ownership of such engagements. “Whilst it is key that we postulate the trilateral cooperation it is very important that in the design, implementation, and monitoring of the private sector component, we emphasize that you need to be in the driver’s seat yourself,” she added.

Iipumbu emphasised the importance of private sector involvement in driving economic growth and addressing socio-economic inequalities. “The development of effective public-private partnerships forums as well as increasing the network capital of our industries through the development of sectoral association is a key priority in terms of our overall growth ambitions,” she said.

The UNDP said that the two-day event featured insightful discussions and the meeting concluded with participants expressing their commitment to forging stronger partnerships for inclusive and sustainable development.

“Furthermore, there was a proposal to formalize a dialogue between the private sector and the government, with the objective of enhancing the business environment in Namibia. This initiative seeks to cultivate greater engagement and collaboration between the public and private sectors,” they added.

UNDP said attendees agreed to establish a mechanism for regular dialogue between the private sector and the government to facilitate the exchange of ideas, foster joint initiatives, and monitor progress towards sustainable development goals.


About The Author

Mandisa Rasmeni

Mandisa Rasmeni has worked as reporter at the Economist for the past five years, first on the entertainment beat but now focussing more on community, social and health reporting. She is a born writer and she believes education is the greatest equalizer. She received her degree in Journalism at the Namibia University of Science and Technology (NUST) in June 2021. . She is the epitome of perseverance, having started as the newspaper's receptionist in 2013.