LocationsHigh-level Private Sector Engagement Meeting aimed to promote inclusive and sustainable development in Namibia.
September 14, 2023
In a bid to promote inclusive and sustainable development in Namibia, the Ministry of Industrialisation and Trade and the United Nations Development Programme (UNDP) Country Office in Namibia organized a high-level private sector engagement meeting held on 30-31 August 2023 at The Weinberg Hotel. The event aimed to foster partnerships between the private sector and the government.
Enhancing public-private partnerships and mobilizing domestic resources, innovative finance, technology, and foreign direct investment were crucial aspects discussed during the engagement. Industry leaders gathered to share their perspectives and identify challenges faced by the private sector. This helped maximize awareness of opportunities and facilitate the private sector's involvement in national development initiatives for sustainable development.
The meeting focused on four themes: institutionalizing partnerships, collaboration between the public and private sectors, financing and impact investing, and sustainable, inclusive green growth. These discussions aimed to accelerate skills development for employment and entrepreneurship while fostering the integration of the informal economy to ensure a structured and enhanced economy in the future.
A round table dialogue took place on August 30, the outcomes of which were subsequently presented during deliberations on August 31 with high-level representatives from the private and government sectors. UNDP Resident Representative Alka Bhatia stressed the private sector's pivotal role in Namibia's economic transformation.
“As UNDP we are thrilled to be in conversations to support organizations on maximizing financial, social and environmental impact”. She also called upon the private sector to actively participate in the National Development Plan (NDP) and contribute to the country's development agenda".
Namibia offers vast investment opportunities, which are not only commercially viable but have the potential to contribute positively to the social and environmental objectives of the country. New domestic and international investments are required to build a better and more robust economic growth pathway that is inclusive, green and transformative. Equally important is the need for aligning public and private investments to optimise the effective use of resources. This is essential to accelerate the achievement of global, regional and national goals and priorities, as noted in the 2030 Agenda, Agenda 2063, the NDPs and the HPPs.
Honourable Lucia Iipumbu, Minister of Trade and Industrialization urged the private sector to coordinate and take ownership of such engagements. She emphasized the importance of private sector involvement in driving economic growth and addressing socio-economic inequalities. Minister Iipumbu highlighted the need to develop effective public-private partnership forums and increase the network capital of industries through sectoral associations.
“This two-day event is very important for the Namibian economy as the successful outcome and implementation thereof will help ensure support to our efforts of structural transformation, industrialization, Informal Economy development, MSME linkages development, skills and upskilling of Namibians, impact investment and employment creation”, she mentioned.
The two-day event featured profound discussions and concluded with participants expressing their commitment to forging stronger partnerships for inclusive and sustainable development. A proposal to formalize a dialogue between the private sector and the government was set forth to enhance the business environment in Namibia. The attendees agreed to establish a mechanism for regular dialogue between the private sector and the government to facilitate idea exchange, foster joint initiatives, and monitor progress towards sustainable development goals.
The Government and private sector committed to continuing a series of dialogues and engagements with the private sector and MSMEs on critical strategic development issues and their roles in addressing these issues with measurable outcomes.
By fostering partnerships, mobilizing resources, and encouraging dialogue, the event laid the groundwork for future collaborations between the private sector and the government. the event laid the groundwork for future collaborations between the private sector and the government by fostering partnerships, mobilizing resources, and encouraging meaningful dialogue. The Ministry of Trade and Industrialization pledged to ensure the tabling of the outcomes of the deliberations to Cabinet for review and further guidance. At the same time, together with the UNDP, they will play a supporting role to ensure the mechanism is in place.
With the commitment expressed by all parties involved, Namibia is well on its way to achieving its development goals and building a prosperous and inclusive economy for all its citizens.
The event was moderated with the support of the Africa Sustainable Finance Hub (ASFH).
