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Local Economic Growth with Standard Bank Namibia. A Blueprint Series.

In a remarkable display of collaborative spirit and determination to foster sustainable economic growth, key stakeholders converged for the Namibian Annual Budget Dialogue. Spearheaded by Standard Bank Namibia, in partnership with the Namibia Chamber of Commerce and Industry (NCCI), Namibia Media Holdings (NMH), and Market Watch, this event proved to be a pivotal moment for charting the course towards a brighter economic future.

Under the theme “A New Dawn: Stimulating Sustainable Local Economic Growth,” the dialogue served as a platform for insightful discussions and strategic planning aimed at propelling Namibia’s economy forward. At the forefront of these discussions was the urgent call for private sector engagement, echoing the sentiments of Minister of Finance and Public Enterprises, Iipumbu Shiimi who emphasized the critical need for a cohesive approach, uniting all stakeholders to drive economic progress.

Delivering the keynote address, Shiimi touched on the importance of collaboration and synergy between the public and private sectors, highlighting the pivotal role that private sector participation plays in driving innovation, creating employment opportunities, and ultimately fostering economic resilience. His address set the tone for dialogue, urging stakeholders to work hand in hand towards a common goal of sustainable economic development.

Bisey Uirab, President of the NCCI, echoed the Minister’s sentiments, emphasizing the importance of partnerships in achieving economic prosperity. Uirab commended the collaboration between the NCCI fraternity and the Namibia Revenue Agency (NamRA) in ensuring tax compliance among businesses and individuals. He highlighted the strides made in sensitizing businesses on the importance of meeting tax obligations, citing initiatives such as the iTAS training program. In 2023 alone, this program collectively trained a total of 108 SMEs, empowering them with the knowledge and skills necessary for tax compliance. Uirab also shed light on the tax amnesty program, which provides much-needed relief to businesses by waiving interest and penalties. This program, which runs until October 30, 2024, serves as a testament to the government’s commitment to supporting businesses during challenging times. By alleviating the burden of accumulated penalties and interest, the tax amnesty program seeks to provide businesses with the breathing room they need to recover and thrive.

The Namibian Annual Budget Dialogue culminated in a renewed sense of optimism and determination among stakeholders. As the nation continues to navigate the complexities of a rapidly changing global landscape, partnerships forged at events like these will prove to be vital in shaping a brighter future for all.