ANALYSTS SAYS NAMIBIA MARKET NOT TOO SMALL

During the Harambee Prosperity Plan II held at the nation state capital, analysis says the nation market is not too small.

The events was attended by presidential advisers, economists, representatives from development institutions, banking executives, academics and several government ministries.

The statement that the Namibian market is too small for local production to thrive is not true – especially not for the agricultural sector in which most of what is consumed is imported.

It was revealed that the cost of production in the sector may have kept many entrepreneurs and investors at bay and if so, then an incentives should be introduced.

During the event, participants were considering ways in which the Namibian economy could survive during the Covid-19 pandemic and afterwards return to economic growth.

So far, Namibian economy has been on a downward spiral since 2016 and estimates are, this year – a 6,9% contraction would be recorded. Meanwhile it was agreed that the agriculture sector is central to this recovery.

Participate says this sector should be engaged across the board, and should include a review of how to utilise rural land best, other than for subsistence farming only.

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