Business

Namibia’s private airline FlyWestair along with South Africa’s Airlink will this week connect Namibia to South Africa following the opening of the International travels between the two neighbours.

Ethiopian Airlines and the United States announced a new partnership agreement that will enable the flagship carrier to source locally grown produce and ingredients for preparing in-flight meals for global passengers.  

Minister of Finance, Iipumbu Shiimi last week urged the Agricultural Bank of Namibia at its annual general meeting to offer supportive interest rates to its clients but added that this should be in line with market practices. 

Government should not pin all hopes of an economic reform and recovery on the agriculture as this sector is more exposed to numerous challenges.

The Bank of Namibia’s latest economic outlook expects the Namibian economy to fall into a deeper contraction during 2020, mainly due to the devastating impact of Covid-19 across all sectors. 

Some of the measures governments have put in place during the Covid-19 pandemic include the cutting of repo rates to provide some short-term relief to borrowers. 

Industrialisation minister Lucia Iipumbu has commended local retailers for accommodating local produce on their shelves and thus contributing to the Buy Local, Grow Namibia initiative. 

Commentators believe demand for local major exports will likely increase as the country pins its hopes on international trade and world output to recover from a disastrous 2020. 

About 14 entities in Germany and four outside the European country have objected against the importation of Namibian bushwood for use in power and heat plants in Hamburg. 

The demand for government bonds slightly rose during the second quarter of 2020 due to relatively attractive returns.