Justice ministry executive director Gladice Pickering yesterday said it remains imperative that Namibian laws speak loudly to the country’s developmental agenda.
She was speaking at an international roundtable consultative forum on corporate business law reform that was hosted by the Business and Intellectual Property Authority (BIPA) in collaboration with the trade ministry.
“It is critically important for any country not to fall into a place of complacency with regard to law reform. If we want to keep up with all developmental dealings, we have to conform to changes,” stated Pickering.
She said it becomes challenging when the country is faced with an outdated legal framework that does not speak to today’s problems.
The five-day international roundtable consultative forum is discussing a review to consolidate the Companies Act, 2004 (Act No. 28 of 2004) and the Close Corporation Act, 1988 (Act No. 26 of 1988), thereby birthing a single corporate business law that would regulate all forms of business entities, including aspects of business rescue and corporate governance.
Company law provides the anchor legislation for economic growth and development to raise income, promote investment and create employment.
Pickering added that for BIPA to succeed in its mandate, and for Namibia to invite investors and facilitate trade in a conducive environment, the country needs to be cognizant of the viability of the legal and regulatory framework for BIPA to operate in.
“Integration of the two laws is a great initiative, taking into account that Namibia has now started participating in discussions on the development of the international convention on cyber-related issues,” she stressed.
On Monday, during the official opening, trade minister Lucia Iipumbu said the legislative review project aims to modernise outdated business laws and improve the ease of doing business in Namibia, to simplify and promote the digitalisation of the process of registering a business, as well as to encourage investments and innovation through an effective and predictable regulatory business environment.
– mndjavera@nepc.com.na