In the wake of the global economic downturn, FNB and RMB have underscored the significance of collaboration between the private and public sectors to propel economic growth in Namibia.
The message was delivered during the FNB, RMB 2023/24 National Budget Review event, where key stakeholders from both sectors reflected on the policies and announcements made by Finance Minister Iipumbu Shiimi during the tabling of the National Budget last month.
According to RMB CEO Philip Chapman, the private and public sectors have a shared responsibility to build and enable the economy for the long-term benefit of future generations.
“As part of our commitment to building a globally competitive Namibia, FirstRand believes that it’s crucial to participate in national discourse around pertinent economic matters such as the Budget. Forums and discussions such as this are vitally important as we collaboratively share ideas on how to achieve the shared vision of a thriving country,” he said.
Chapman also emphasized the importance of pursuing opportunities in a responsible manner and optimizing them to deliver positive outcomes for all Namibians.
“We are custodians of what future generations will inherit, or not inherit. A strong regard for the Environment, Social Society and Governance are important matters for consideration in navigating economic challenges for the long-term prosperity of our country,” he added.
Ruusa Nandago, FirstRand Namibia Group Economist, echoed Chapman’s sentiments and highlighted the need for government to continue fostering private sector-led growth to create jobs and ensure the sustainability of the fiscus.
“The key insights that we can all take away from the Budget Review include the need for government to continue fostering private sector-led growth in order to create jobs and ensure sustainability of the fiscus; the role financial institutions as capital allocators play in achieving objectives set in the budget; and the need to craft appropriate tax policies around green hydrogen industries and to strengthen existing oil and gas tax legislation,” she said.
Meanwhile, Finance Minister Iipumbu Shiimi acknowledged the need to remove constraints in the economy, particularly in reducing the cost of doing business.
However, he highlighted the importance of further assistance from the private sector to fully mitigate the challenges and become more efficient.
He also noted that the Namibia Investment Promotion and Development Board is working to attract foreign investment in all industries, including green hydrogen and oil.
In terms of addressing poverty in the country, the government has increased social grants starting October 2022 to cushion the most vulnerable people in society to be able to survive.
“As a nation, we collectively all must have our hands on deck and work together to continue building the Namibian house,” Shiimi said.