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Trade ministry gears up for informal economy policy consultations

 The Ministry of Industrialisation and Trade (MIT) has announced its plans to conduct stakeholder consultations for the National Informal Economy, Startups, and Entrepreneurship Policy (NIESEP).

The policy aims to create an enabling environment, focusing on key aspects such as understanding the extent of informality, providing entrepreneurial training, supporting business infrastructure for the sector, integrating digitalization, and establishing incentives for sector development.

"These strategies are also detailed in the draft National Informal Economy, Startups, and Entrepreneurship Policy, which the Ministry will present for national stakeholder consultations," said Lucia Iipumbu, Minister of Industrialisation and Trade.

She said the policy distinguishes between various types of informal and entrepreneurial activities that the Ministry will support.

"Firstly, it's important for the Ministry to recognize that the informal economy encompasses a wide range of entities, including street vendors, micro-household businesses, and various industries across all economic sectors that lack formalization," she said.

Iipumbu said the policy allows for a formalization approach that encourages entrepreneurship, provided that individuals are traceable through formal structures, sector associations, or possess a municipal area health certificate.

The Minister made these remarks during a multi-stakeholder event organized by the International Labour Organisation, aimed at enhancing Namibia's understanding of the diversity of the informal economy and the impact of informal employment on individuals, enterprises, and the country.





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Last modified on Thursday, 14 September 2023 19:07

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