Economic summit surpasses N$14 billion investment target

WINDHOEK – The 2019 Economic Growth Summit, which this week took place under the theme ‘Economic Revival for Inclusive Growth – Strengthening the Namibian House’, managed to secure some N$50 billion (US$3.4 billion) in investment commitments. 

This was shared yesterday by chairperson of the President’s High-Level Panel on the Economy, Johannes !Gawagab, who noted that so far N$20 billion of the total amount has already been validated, as genuine investments. One of the summit’s objectives was to attract US$1 billion (about N$14 billion) in investments by both local and foreign investors during the next two years. 

Speaking to journalists during the Summit’s closing media briefing, !Gawagab said he was “humbled by the significant investments received”. He noted that indeed the Investment Committee within the High-Level Panel has validated at least N$20 million in investment, of which between N$9 billion and N$9.5 billion will be sourced from outside the country. 

“The remaining N$30 billion (about US$2.2 billion), which has been proposed by reputable institutions, will still be validated. But overall, the entire investments, thus far, totally exceed what we have planned,” said !Gawagab. 

Namibia’s current economic situation has compelled its leaders to rethink the country’s developmental path, which has had a disproportionate reliance on government expenditure. This was part of the message by President Hage Geingob at yesterday’s opening of the Summit. 

During his keynote address, Geingob cautioned that the current approach cannot be sustainable in the long run, and, therefore, emphasised the need to buttress ongoing reforms to ensure a more conducive business environment and to reduce bureaucratic bottlenecks.  

Also speaking at the Summit’s closing media briefing yesterday, Minister of Industrialisation, Trade and SME Development, Tjekero Tweya, said the High-Level Panel has identified certain bottlenecks perceived to hamper investment. 

Tweya mentioned the National Equitable Economic Empowerment Bill, the Namibia Investment Promotion Act, the Public Procurement Act and Visa regulations. 

Tweya also proposed leveraging government assets more optimally. “This idling liquidity must be put to work,” said Tweya.