Trade minister Lucia Iipumbu has condemned voices claiming there were no proper consultations conducted on the Namibia Investment Promotion and Facilitation Bill (NIPFB). She has described the proposed updated investment legislation as crucial to resuscitate an ailing economy.
The NIPFB aspires to be inclusive for both local and international investors, as it replaces the now-outdated Foreign Investment Act (FIA).
“We had a full year of consultations and covered all 14 regions. Thus, I strongly condemn those saying the bill was rushed. Some of you opt to go to the media and complain. Come to our offices and get answers. The door is not closed if you want to give your input,” said the minister while addressing audiences at the Oshana Investment Conference on Wednesday.
On Tuesday, economist Robin Sherbourne claimed the consultation process on the NIPFB had not been optimal.
While commenting on local economic and policy developments, he said the NIPFB is a key piece of legislation which will have a significant impact on economic performance.
“Getting policies right is very important. I conclude that NIPFB is a very confused, unclear and possibly rushed process,” said the economist.
However, Iipumbu emphasised that the draft legislation was forwarded to a technical committee to refine, in conjunction with legal drafters. The ministry intends to table the new law before the end this year.
Earlier this month, Iipumbu pledged that government is committed to finalising the process, which commenced when the trade ministry initially tabled the draft Bill in the National Assembly in November 2021. That attempt was withdrawn following calls for further consultations.
Ultimately, the goal of the NIPFB is to ensure it is aligned with Namibia’s national objectives of stimulating industrialisation, structural transformation of the economy, and the attraction of both sustainable FDI and Domestic Direct Investment (DDI).
Oshana potential
Meanwhile, the trade minister delivered a statement on behalf of deputy prime minister Netumbo Nandi–Ndaitwah at the Oshana Investment Conference. The event aimed to highlight the various sectors offering investment potential in Oshana.
Nandi–Ndaitwah said the region, with its strategic location, fertile lands and abundant resources, serves as one of the gateways to a thriving economy in Namibia. What is required is to prioritise investment in infrastructural development within the region.
“Infrastructure such as improving road networks, electricity and water supply systems will not only attract investments, but also provide a conducive environment for businesses to thrive. Being home to the Etosha National Park, which attracts thousands of international tourists, investing in infrastructure and marketing efforts, we can expand the park’s territory and increase visitor numbers, resulting in a boost to the local economy and once again job-creation,” Nandi–Ndaitwah asserted.
The deputy prime minister reiterated that by investing in infrastructure, promoting agriculture, developing the tourism sector, fostering entrepreneurship and engaging with the community, the Oshana region can unlock its full potential to create a prosperous future for its residents. –mndjavera@nepc.com.na
Caption: Disturbed…Trade minister Lucia Iipumbu.
Photo: Contributed