Informal trading critical to Namibian economy: Iipumbu
Informal trading remains a critical part of economic activities in Namibia, yet it is one of the most vulnerable sectors due to operational instability and unstable support. This sector is a major source of employment and livelihood for many Namibians, […]
Informal trading remains a critical part of economic activities in Namibia, yet it is one of the most vulnerable sectors due to operational instability and unstable support.
This sector is a major source of employment and livelihood for many Namibians, most of whom are women, Minister of Industrialisation and Trade Lucia Iipumbu said during the launch of the Operational Guidelines for the Code of Conduct for the Namibia Informal Economy in Windhoek on Tuesday.
“Estimates of the size of this sector, its contributions, and composition vary widely within regions and countries across the world, therefore, establishing the nature and extent of the informal economy in a country is a necessity for the development of sound and targeted policies, strategies and interventions,” she said.
Iipumbu noted that it is important to identify gaps with the aim of facilitating the transition of the informal sector into the mainstream economy.
The code of conduct launched by the Namibia Informal Sector Organisation (NISO) is an important guiding document which is meant to set the tone in terms of regulating the rights, obligations and responsibilities of all stakeholders in the informal economy.
The ultimate objective of the operational guidelines of the code of conduct is to advance avenues for support to the informal sector to be a conducive and profitable entrepreneurial sector.
Iipumbu said the launch comes at a time when the Ministry of Industrialisation and Trade is making great strides in the work related to the development of the National Informal Economy, Start-ups and Entrepreneurship Policy and attendant Bill.
“This policy aims to develop the informal economy and its participants into the commercially viable and mainstream of the economy. The policy further aims to develop the start-ups, scale-ups and general entrepreneurship ecosystems of the country, as well as address challenges faced by the informal economy and devise targeted interventions such as infrastructure development, entrepreneurial development, and institutional support,” she noted.
The minister commended NISO for undertaking a participatory process in the development of the code of conduct and its operational guidelines and called on stakeholders to ensure that the guidelines and regulations relating to its operationalisation are fully implemented.
Source: The Namibian Press Agency