Maravi

COMESA recommends dynamic enterprise sector against crunch

COMESA recommends dynamic enterprise sector against crunch
By Florence Bupe
Wed 18 Nov. 2009, 04:00 CAT

COMMON Market for Eastern and Southern Africa (COMESA) assistant secretary general Nagla El-Hussainy has called for a dynamic enterprise sector in order to beat the effects of the global economic recession.

Speaking at the launch of the 2009 Global Entrepreneurship week on Monday, El- Hussainy said one of the world’s most pressing problems was the global recession which has had a devastating effect on the general economic outlook of many countries.

“Today, one of the most pressing problems is the global recession which has had a devastating effect on individuals, communities, companies and entire countries,” She said. “Those who have been least affected know how to build financial reserves to draw up on and how to move with less.”

El-Hussainy expressed concern that most individuals and businesses were reluctant to build up their financial reserves.

She said entrepreneurship was critical to the development of any nation and was a vital element to the attainment of various millennium development goals.

El-Hussainy observed that having a dynamic entrepreneurial environment would also contribute significantly to the success of the COMESA Customs Union.

And in an interview after the launch, International Labour Organisation (ILO) country director Gerry Finnegan said business growth was still a challenge as the effects of the global economic recession were still being felt.

He said the recession had given rise to the level of unemployment, especially among youths, prompting an increase in informal sector participation.

However, Finnegan noted that establishing and growing informal sector businesses had continued to be challenging.

He called on the corporate world and other stakeholders to assist upcoming entrepreneurs for the greater benefit of the national economy.

Meanwhile, programme coordinator Edwin Zulu said it was critical to introduce the culture of entrepreneurship among youths.

“We want to mentor these young people because they will tomorrow be looking for employment, it is also an opportunity for them to network on how to become their own employer,” said Zulu.

Labels: COMESA, ENTREPRENEURS

posted by MrK @ 1:14 PM