President Hage Geingob yesterday encouraged international investors who have not yet invested in Namibia to make an investment decision and become investment partners.
Speaking at the launch of the Namibia Investment Summit, being held on the margins of the Dubai Expo 2020 in the United Arab Emirates (UAE), Geingob said those who cannot become investment partners
should try to become Namibia’s tourism partners, adding that the aim of the summit was to partner up with renowned
investors and business people to take Namibia to the next level of development. “Namibia is ready to do business and welcomes you with many opportunities,” he added. The President noted that Namibia and the UAE enjoy excellent political, economic and diplomatic relations, and he hopes the investment seminar will further build to strengthen friendship and bilateral relations.
“We could not have asked for a more befitting audience, comprising diverse sectors and investment interests from all over the world as well as from Dubai and the Middle East region. We look forward to interacting with you on investment opportunities in Namibia,” said Geingob.
More than 19 countries are participating in Expo 2020 Dubai under the theme “Connecting Minds, Creating a Future”.
According to Geingob, the expo has since its official commencement been connecting different countries and people in various sectors with each other. “Once more, we thank the host government for the sterling work of contributing to the betterment of global relations between our countries; and for the successful hosting of this expo, which has enabled countries such as Namibia to showcase their investment, trade, industry and tourism opportunities,” he said.
The President informed summit delegates of the Harambee Prosperity Plans I and II as intervening instruments to accelerate the country’s development vision of becoming an industrialised and prosperous nation.
Said Geingob: “This is why we are gathered here today, to seek your partnership and participation in our HPPII, by offering investment opportunities in areas such as green hydrogen and ammonia, oil and gas, infrastructure development, tourism, value addition across all sectors, food production and exports.”
In addition, he addressed investors’ concerns regarding the safety and accessibility of their capital, machinery and know-how if they decide to invest in a new market such as Namibia, and whether they would be allowed to repatriate profits to their home country.
“On these questions, let me reassure you that not only is Namibia a rule-based democracy with membership to international investment protecting conventions and instruments such as the International Centre for Settlement of Investment Disputes (ICSID), the Multilateral Investment Guarantee Agency (MIGA) and others.
We also have an independent judiciary
that robustly enforces constitutionally-guaranteed property rights for all domestic
and foreign investors. Moreover, the repatriation of profits, returns, loans and even the entire investment is legal in Namibia. Thus, there is no need for concern in that respect,” Geingob assured delegates.
At the launch of the summit, the CEO of the Namibia Investment Promotion and Development Board Nangula Uaandja shared the objectives of the event. These objectives are in line with Namibia’s national drive to alleviate poverty and inequality by creating conducive conditions for inclusive economic growth and shared prosperity.
– ebrandt@nepc.com.na