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Trade ministry hosts visiting Brazilian delegation

2024-04-10  Staff Reporter

Trade ministry hosts visiting Brazilian delegation

Industrialisation and Trade minister Lucia Iipumbu on Monday met with the visiting delegation from Brazil in the capital.

This is in an effort to strengthen the  bond of cooperation and explore mutual beneficial opportunities between the two countries. 

During the meeting, the minister noted the strategic visit holds immense potential for both economies to thrive and prosper together. 

“Through the Southern Common Market, also known as Mercosur partnership, there is a huge opportunity for Namibia to access the vast markets of South America, particularly Brazil. With its dynamic economy, rich cultural heritage and growing middle class, Brazil offers a plethora of opportunities for Namibian businesses to explore and expand their footprint,” said Iipumbu.  

She added that through strategic partnerships and collaborations facilitated by Mercosur, Namibian companies can tap into Brazil’s expertise, technology and market networks to enhance their competitiveness and access new markets. Iipumbu stated that whether in agribusiness, mining, renewable energy or manufacturing, there are numerous sectors where the two countries can collaborate for mutual benefit. 

“Moreover, through Mercosur, Namibia remains a gateway for Brazilian businesses to access the Southern African Development Community (SADC) market and the vast African market through the Africa Continental Free Trade Area (AfCFTA). The SADC region especially, with its fast-growing consumer base and burgeoning infrastructure development, offers immense potential for Brazilian investors seeking new avenues for growth,” said the minister.  

She encouraged Brazilian companies to explore Namibian investment opportunities, and to forge meaningful partnerships to drive economic prosperity for both nations.  “Let us seize the potential of Mercosur to deepen our engagement and unlock new possibilities for trade and investment,” she said.  

Meanwhile, trade ministry spokesperson Elijah Mukubonda stated that as part of enhancing bilateral trade, trade-related and investment matters, the 10-member delegation from Brazil engaged the trade minister to explore investment and trade opportunities in Namibia. 

“The strategic bilateral engagement is expected to yield tangible results for mutual benefit on trade relations and meaningful partnerships to drive economic prosperity as well as necessary decisions for implementation for both nations,” Mukubonda noted. 

The trade and industrialisation ministry stated it is committed to ensuring that policies and legislative frameworks are favourable for both domestic and international investors. 

Among key legislative reforms in the works is a Special Economic Zone (SEZ) law, which is at an advanced stage to be promulgated. 

“This law provides for both fiscal and non-fiscal incentives aimed at attracting much-needed investments in our economy.

The Ministry of Industrialisation and Trade is further finalising the review of our investment promotion law, which is expected to be tabled this year. This is key as it provides for the promotion and facilitation of foreign and Namibian investment to enhance sustainable economic development,” Mukubonda added. 

2024-04-10  Staff Reporter

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