03 Oct 2013 10:10
SWAKOPMUND, 03 OCT (NAMPA) - Finance Minister Saara Kuugongelwa-Amadhila says cooperation on the regulatory functions of insurance, securities and non-banking financial authorities is crucial in improving the economy of the Southern African Development Community (SADC) region.
Kuugongelwa-Amadhila said this in a statement read on her behalf by the Chief Executive Officer of the Namibia Financial Institutions Supervisory Authority (Namfisa), Philip Shiimi during the opening of the 31st bi-annual meeting of the Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) here on Thursday.
The two-day meeting, which is being hosted by Namfisa, aims to critically review the progress on the implementation of the CISNA strategic plan for 2011 to 2014, as well as agree on practical action to ensure member commitment to its implementation.
Kuugongelwa-Amadhila said once the CISNA identified strategic initiatives are successfully implemented, it will offer significant benefits for Namibia.
The strong cooperation put in place over the years will facilitate growth and expansion in our financial industries. It also provides a sound basis for all the member regulators in our region to improve their regulatory systems to create a seamless financial system which addresses each others needs across the borders, she noted.
The Finance Minister outlined that the financial sector is an important catalyst for economic growth, thus the efforts of the regulators gathered at the meeting should be geared towards creating a conducive environment for investment and economic growth. She thus urged the officials to review the activities within the scope of the strategic plan, with the key objective of accelerating regional integration of SADCs financial industries.
Kuugongelwa-Amadhila further challenged the officials, saying they should be in tune with the market developments, employ mechanisms to anticipate problems, minimise their risks and to be leaders rather than followers
This is the second time Namibia is hosting the CISNA meeting.
During the meeting, officials from various financial regulators in the SADC region will discuss the activities of its various sub-committees.
CISNA members consist of the following 15 SADC member countries: Angola, Botswana, Democratic Republic of Congo (DRC), Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia and Zimbabwe.