The limited manufacturing activities in Namibia by local companies place undue strain on the country’s economy, a leading business person has said.
Hilton Loring, Chief Executive Officer of Elso Holdings in a media statement on Wednesday said using the nation’s resources, employing and selling to Namibians would give the local economy a tremendous shot in the arm.
He said manufacturing locally stimulates job growth and employment and keeps precious resources, investments and money within the country’s borders, which he said is essential for an economy to grow and develop.
According to Loring, products manufactured locally should also be availed to local consumers and businesses.
“Engaging and pursuing local contracts becomes essential and it gives a platform for the products to be sold locally and contribute the Namibian economy,” he stated.
He said the current economic headwinds facing the country could be cushioned if the manufacturing sector was fully developed and explored.