Value addition to raw commodities will liberate us: Mbumba

OKAKARARA, SEPT. 7 – Vice President Nangolo Mbumba on Thursday called on Namibians to venture into real value addition for all raw materials produced inside the country and exported elsewhere.

Mbumba was speaking at the official opening of the 12th edition of the Okakarara Annual Trade Fair (OATF).
The trade fair started Monday and ends Sunday and is taking place at the Okakarara Trade Fair Centre.
Mbumba, in his keynote speech, said the worldwide economic crisis has adversely affected Namibia and its retail industry, property development, manufacturing and construction activities.

He thus wants all Namibians to search for innovative solutions that will lift the economy.
“As long as we continue to export our uranium, gold, diamonds, marble, granite, beef, mutton, fish and charcoal without adding any value, this economic situation will hit us hard,” he said.
The vice president stressed that the economic emancipation of the country can happen if all sectors venture into value addition to mitigate the adverse effects on the economy.

Mbumba added that the trade fairs countrywide are needed as they also accelerate and contribute towards the overall recovery of economy, starting with the grassroots level, where many trade fairs take place.
He added that the country needs a resource-based industrial revolution that will attract local and foreign investment that will boost production and exporting of manufactured goods to foreign markets.

Mbumba also called on commercial banks to avail substantial amounts of funding to local small and medium entrepreneurs venturing into arts and crafts, leather processing, dairy products and the filming industry so they can also grow and create jobs. – NAMPA