NATION ADVISED TO AVOID RELIANCE ON RAW MATERIAL TRADE

NAMIBIA: PRODUCTION/NBC/18/7/18 SABANews 1

WINDHOEK – Bank of NAMIBIA Chief Economist FLORETTE NAKUSERA says dependence on primary commodities is exposing the nation to more foreign shocks.

Central Bank of Namibia (Pic. Footprint to Africa)

NBC News says the official has addressed delegates to a ONE-day-long summit on the global economy, under the theme: A World on Edge.

It quotes her as saying raw materials, such as minerals exported without value-addition, open the economy to serious surprises from the international markets.

Ms NAKUSERA says it is vital to invest in adjacent sectors and explore new sources of revenue to ensure resilience against such developments.

She says the country can venture into information technology, manufacturing, and tourism, as the State has predicted in the FIFTH National Developmental Plan.

Such programs will not only curbs over-dependency on key extraction sectors, but also broaden the public coffers by creating revenue and jobs, as well as enabling industrialization.

Ms NAKUSERA says poor roads, lack of adequate security, and worn-out airport infrastructure are an obstacle to the advancement of the tourism industry.

She has called on stakeholders to advertise rare tourism sites like where the desert meets the sea in WALVIS BAY, to help increase the number of visitors from ONE-COMMA-FOUR-MILLION to ONE-COMMA-EIGHT-MILLION by 2022.

A project of such magnitude and rarity will create jobs, more revenue, reduce poverty and bring NAMIBIA at par with global players, while benefitting most form the FOURTH Industrial Revolution./Sabanews/cam

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