OKAKARARA, 14 Aug – One of the largest settlements in the Okarara constituency in the Otjozondjupa Region, is the Okandjatu settlement that serves roughly 16 villages.
The settlement has massive potential to be a business hub, and Standard Bank’s Chief Executive Vetumbuavi Mungunda who hails from Okandjatu, has been a vehement supporter of the growth of the settlement.
Mungunda recently handed over a sponsorship of N$30 000 on behalf of Standard Bank for the settlements annual Expo, which aims to celebrate the community’s diversity and heritage, while providing a platform for socio-economic development for would be entrepreneurs to showcase their services and products.
Although he hailed some of the more successful trade fairs and expos, Mungunda said: “The challenge with some of these expos is that they are turning into events that focus on something other than trade. We need to make sure that we use them to boost trade, business and entrepreneurship.”
He further urged the organisers of such events to go back and look at why expos are important. He also advised the organisers of the Okondjatu expo to go back into the community and showcase what it is they want to showcase that will draw in investors.
“I would like to see people from the constituency who manufacture to see their products because producing something locally increases the value-add…There is a discussion on the challenges of recession as the economy has not been growing for the past four quarters. As a result income has been reduced so we need to look at how to reduce spending in this economic environment,” Mungunda advised.
The reduction in spending will help entrepreneurs save money, which is important to have during a recession that income is an expectation, but expenses are a certainty. Therefore, people need to understand that when doing their financial planning because they do not know if they are going to get the income they expect.
“There are two key things to remember; make sure you make investments that will generate cash and make sure to never run out of cash. You will also need to have cash saving of between 3 months to 2 years of your monthly salary,” Mungunda stressed.
He reiterated that the bank believes in the importance of stimulating entrepreneurships and so would do their part in fostering its growth locally.
Speaking on behalf of the Speaker of the National Assembly, Peter Katjavivi, his representative Lydia Kandetu hailed Standard Bank and other sponsors for their commitment to the expo and striving to make it a success.
“Together we can. This is a good opportunity to showcase products and services, as well as share ideas which will aid in job creation and poverty alleviation. The government supports this expo and others across the country because they are in line with Vision 2030 and National Development Plans,” she explained.
She concluded that the expo has the potential to improve the livelihoods of the Okondjatu residents and urged everyone to give it their support.
The expo will take place from 28 August to the 1st of September.-NDN Staffer