While Namibia’s economy has grown over the years, it has not fully addressed the country’s two main social challenges, which are unemployment and inequality, Finance Minister, Ipumbu Shiimi has said.

Shiimi on Wednesday, while addressing the Innovation Investment Readiness (IIR) Week underway in the capital, said the mining sector was responsible for much of the country’s growth and has become increasingly capital-intensive.

‘You will notice that the economy and the diamond sector are expanding, and while the government is pleased because these sectors are providing revenue, it has not been creating enough jobs. Yes, we value the mining sector, but I believe we need to supplement it with other industries, which is what I hope this week is all about,” he stated.

Shiimi said countries that have successfully diversified their economies are those that produce a variety of products that are more complex, rather than focusing solely on one product.

He added that while it may not be easy, these high-income countries began with a collaboration between the private sector and the government, and that is what Namibia should emulate.

“The problem of development is far too complex to be solved solely by the government. To be able to digest all of these development problems, find solutions, and remove all of the binding constraints that exist for the country to move forward, everyone must work together.

Building skills is important, but so is continuing to build on those skills, and where we lack skills as a country, those skills can be imported because they will add value for more Namibians in the long run,” he noted.

Food and agro-processing, mining and value addition, digital and global business services, and green hydrogen are among the industries identified for the IIR Week, to strategically and collectively deliberate on mechanisms to strengthen Namibia’s position as an appealing investment destination.

The IIR Week is organised by the Namibia University of Science and Technology, the Namibia Investment Promotion and Development Board, and Mobile Telecommunications Limited (MTC) to bring together stakeholders from the private and public sectors this week to discuss issues affecting the country’s development.

Source: The Namibian Press Agency