Private sector must lead economic revival

The responsibility to lead the revival of the country’s economy following years of recession and a global pandemic has been placed on the shoulders of the private sector.

This was said by Namibia Chamber of Commerce and Industry (NCCI) president Bisey Uirab at the chamber’s national corporate forum held in Windhoek on Monday.

The forum was held under the theme ‘Harnessing the Power of Business to Advocate Local Economic Growth’.

Uirab said as companies seek new ways to generate value, they will need to address the fundamental shifts taking place in the global economy.

He said the public and private sectors need higher levels of competence and efficiency and proactive strategies to deal with long-term sustainable development prospects.

“We must work on effectively capitalising future opportunities and creating the necessary policies and infrastructure to maximise our economic potential.

“We must use this moment to revive our economy by adopting more public-private partnerships, a model that is capable of building an inclusive economy, thus protecting the marginalised by creating jobs across the country,” he said.

Given the shock to the economy and the resultant recessionary pressures, there should be a strong reprioritisation of resources, he added.

Uirab said several engagements the NCCI has had with the national leadership have called for closer collaboration to create an investment-friendly environment, enhance economic performance, and foster closer partnerships between the government and the private sector.

Uirab said reviving the economy requires leaders to hastily take correct decisive action that would enable the country to build a resilient economy that can sustain jobs, create domestic wealth and healthy communities, and “would require us all to support local enterprises – from making procurement opportunities available to market access of local goods and services”.
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