WINDHOEK – The Swapo Party Youth League (SPYL) yesterday lauded the success of the 2019 Economic Growth Summit, saying the series of measures put forward during the event will ensure the youth participate in the mainstream economy.

SPYL secretary for economic affairs, Marius Sheya, who also serves as the Governor of Kunene Region, said the New Equitable Economic Empowerment Bill (NEEEB) is very much welcome in that all pillars will remain and be taken into account for enterprises doing business with government and applying for natural resources licensing.

 He said he will continue to champion and advocate for the transformation of the Namibian economy and the implementation of Namibia’s Constitutional stipulation for the implementation of policies, programmes and strategies that aim to redress the socio-economic imbalances created by past racially motivated socio-political and socio-economic policies. 

“The participation of the rural economy in the mainstream economy and providing economic opportunities for the rural poor is of utmost importance,” Sheya said. 

He said the High Level Panel on the Economy (HLPNE) recommendation that bush harvesting permits be issued to communal farmers and that government avail mechanisms to assist the harvesting of charcoal in communal areas is a progressive step in the right direction. 

Regarding the Namibia Investment Promotion Act, Sheya said the ruling party youth league trusts that the government will further interrogate and apply best practices from experiences shared by countries, such as Rwanda, during the summit in as far as investment promotion is concerned. 

“Establishing a one-stop centre for investment promotion that curbs unnecessary bureaucratic processes should be strongly considered,” she said. 
He said the procurement of goods and services through the Public Procurement Act has been a matter of much debate and a source of frustration, especially among small to medium enterprises (SMEs), a large number of which are owned by young people. 

“The SPYL, therefore, welcomes the announcements that the Act will be reviewed and amendments made where necessary,” he said. 

He said access to finance, particularly working capital and/or capital for expansion, continues to be a challenge for our SME sector most of which comprise close corporations. 

Sheya said it is, therefore, appreciated that cabinet has agreed that close corporations should be allowed to participate in unlisted investments, on condition that effective control measures, such as provision of audited financial statement, is instituted. 

“In ensuring that there is significant local and SME participation in the construction sector, we urge the Ministry of Works and Transport to introduce the National Construction Council without delay, as articulated during the policy announcements,” said Sheya. 

He said while the policy commitments made are in general welcomed, the youth league urges HLPNE to place strong emphasis on job creation strategies as well as SME development interventions. 

“A fertile ground for SME growth in Namibia is a catalyst to significant job creation, in particular for young people,” he said. 

“The SPYL understands investments announced at the Summit come in the form of both pledges and committed capital made by a number of private sector companies in order to inject some much-needed investment into the economy and possibly create new job opportunities,” he added. 

Sheya urges the investors to prioritise job creation for the youth in this regard, saying that it will also ensure that young people participate in the mainstream economy, therefore, guaranteeing much-needed jobs in Namibia.