NCCI scrutinises economy

THE Namibia Chamber of Commerce and Industry (NCCI) yesterday launched the 2006 Annual Economic Review in Windhoek.

The review, which is the first of its kind, serves as a platform for local businesses to express their opinions on various economic issues. It was conducted by prominent local economist Robin Sherbourne, and will serve as the official position of the private sector on the country’s economic situation.Concerned parties from both the private and public sectors, including Government ministers, gathered at a local hotel to attend the event and listen to the findings of the review, which seeks to propel the country’s growth and development.The review gave an analytic assessment of the main economic sectors which include agriculture, fishing, mining, manufacturing, construction, tourism, State-owned enterprises, transport and communication, labour and employment and an overall fiscal review.In its macroeconomic review, the paper also took into account the recently presented National Budget which projected that the economy would grow by 4,6 per cent in the 2007-2008 budget.The NCCI, however, believes that more could still be done to stimulate further growth and in turn reduce unemployment and poverty.This should come in the form of improved education, training and entrepreneurship.NCCI President Inge Zaamwani said the document would be used by the chamber during its many consultations with the Government and labour unions.The review listed existing problems which the NCCI say need to be solved speedily.Said Zaamwani, “The review once again confirms that our economy is heavily dependent on the primary sector (mining) which can prove to be problematic if this sector was to be exposed to a shock of whatever nature.”We, therefore, seriously recommend that we double our efforts in facilitating a faster growth of the manufacturing sector and that more attention be paid to the tourism sector particularly with regard to funding and capacity building in tourism promotion.”This comes hot on the heels of the statement of Bank of Namibia Governor Tom Alweeendo, who said more needs to be done to achieve the desired economic growth rate of around 11 per cent a year, so as to attain the Vision 2030 goal.Zaamwani said it was also time the Government strengthened its efforts on revenue collection and identified new sources of revenue in case the SACU windfalls and sale of shares in State-owned enterprises would no be options.She added that businesses should engage in activities that improve the country’s investment and global competitiveness.”We need to be more sensitive about how investors perceive our country and our investment promotion strategies …It is therefore important that we work very hard on constantly improving our global image and convince investors that we mean business,” she said The review was launched by the Minister of Finance, Saara Kuugongelwa-Amadhila, who welcomed the fresh approach towards economic development.It was conducted by prominent local economist Robin Sherbourne, and will serve as the official position of the private sector on the country’s economic situation.Concerned parties from both the private and public sectors, including Government ministers, gathered at a local hotel to attend the event and listen to the findings of the review, which seeks to propel the country’s growth and development.The review gave an analytic assessment of the main economic sectors which include agriculture, fishing, mining, manufacturing, construction, tourism, State-owned enterprises, transport and communication, labour and employment and an overall fiscal review.In its macroeconomic review, the paper also took into account the recently presented National Budget which projected that the economy would grow by 4,6 per cent in the 2007-2008 budget.The NCCI, however, believes that more could still be done to stimulate further growth and in turn reduce unemployment and poverty.This should come in the form of improved education, training and entrepreneurship.NCCI President Inge Zaamwani said the document would be used by the chamber during its many consultations with the Government and labour unions.The review listed existing problems which the NCCI say need to be solved speedily.Said Zaamwani, “The review once again confirms that our economy is heavily dependent on the primary sector (mining) which can prove to be problematic if this sector was to be exposed to a shock of whatever nature.”We, therefore, seriously recommend that we double our efforts in facilitating a faster growth of the manufacturing sector and that more attention be paid to the tourism sector particularly with regard to funding and capacity building in tourism promotion.”This comes hot on the heels of the statement of Bank of Namibia Governor Tom Alweeendo, who said more needs to be done to achieve the desired economic growth rate of around 11 per cent a year, so as to attain the Vision 2030 goal.Zaamwani said it was also time the Government strengthened its efforts on revenue collection and identified new sources of revenue in case the SACU windfalls and sale of shares in State-owned enterprises would no be options.She added that businesses should engage in activities that improve the country’s investment and global competitiveness.”We need to be more sensitive about how investors perceive our country and our investment promotion strategies …It is therefore important that we work very hard on constantly improving our global image and convince investors that we mean business,” she said The review was launched by the Minister of Finance, Saara Kuugongelwa-Amadhila, who welcomed the fresh approach towards economic development.