Trade minister Lucia Iipumbu said Special Economic Zones (SEZs) provide an effective microeconomic environment where private enterprise development may be conducive, whilst general business-friendly conditions may not all be optimal.
“This specific micro space carved out through benign policy then ensures fertile ground to kick-start private sector development as well as employment creation,” she said last Friday during public consultations on the national policy for Sustainable Special Economic Zones.
As per the Growth at Home Industrialisation Execution Plan, the development of Special Economic Zones is considered a key priority area for government to promote national economic growth.
Iipumbu noted that there many countries which achieved some success from developing Special Economic Zones. “A successful SEZ strategy entails determining how many investors one attracts and whether their investments, which should be sustainable, are aiding our country’s development and improving the livelihoods of our people”.
At the same occasion, deputy executive director in the ministry, Michael Humavindu, said SEZs are a sustainable and inclusive economic intervention strategy propelling economic development and the structural transformation of Namibia.
During his presentations, he highlighted that the objectives are to help diversify Namibia’s productive structure whilst deepening both backward and forward linkages with the rest of the economy.
“SEZs are designed to promote the production of high value-added goods, services and high tech whilst encouraging the attainment of internationally accepted standards of quality, and ensure Namibia’s integration into the regional, continental and global value chains with the stated aim to optimise on expanding market opportunities,” outlined Humavindu.
He added that the policy aims to ensure the integration of SEZ platforms with the national developmental agenda in order to bring equitable regional development across the country, and also to ensure the growth of key service sectors such as tourism, finance and information technology. -email@example.com