Home Markets Prioritise local products and services to aid Economic recovery

Prioritise local products and services to aid Economic recovery

231
0

Team Namibia has launched a special appeal to the local consumers urging them to purchase more from local companies as an avenue to speed up Economic recovery.

The agency promotes Namibian products and services in the local market are executing its mandate to raise awareness of local products and services.

Coming out of a prolonged recession, Team Namibia stated that the impact of reduced consumer spending by both businesses and private individuals has had a marked slow-down effect on the economy.

“Now more than ever, all Namibians must be encouraged to support local businesses. This collaborative switch in consumption patterns can notably improve the trade balance and ensure that money spent, remains in the local economy,” said the lobby group’s Account Director, Bärbel Kirchner.

Kirchner furthermore added that this can create and protect local jobs, because when local businesses are supported by buying their products and services, it leads to sustainable economic development which reduces poverty in turn.

“It also means that less has to be imported, again contributing to an improved trade balance and more local liquidity. Buying local means that profits are spent or invested locally. Thus, money spent locally is re-spent locally, continually meeting local needs,” said Kirchner.

“During the current harsh economic conditions Team Namibia’s mantra, “together our future is brighter”, reiterates the importance of teamwork among consumers and institutional buyers in lending a hand to the economy, in the spirit of Uukumwe.”

Noting that the recession has cost many people their jobs, Team Namibia said this also had a detrimental effect on consumer spending.

Focusing on buying local products accelerates businesses’ return to profitability with the result that they start hiring employees again. This has a positive effect on employment and consequently on consumption.