Trade minister Lucia Iipumbu said Namibia is ready and open for business and in her pursuit to attract tangible investments, the government is deliberate in ensuring a conducive investment climate, which is supported by progressive regulatory and policy frameworks.
“One of Namibia’s primary differentiators as a country and by extension an investment destination is the safety, security, and political stability that we have jealously guarded and maintained since our independence,” stated the minister on Monday while addressing the 53rd General Assembly (GA) of the World Trade Centre Association (WTCA).
The event started on 21 April 2023 and conclude on 28 April 2023 in Ghana. Namibia has an exhibition booth to showcase its products, under the sub-theme ‘Namibia: the Land of Many Opportunities’, with a focus on agriculture, fisheries, mining, tourism, energy, logistics infrastructure, and real estate.
Presenting Namibia’s way of doing business, Iipumbu stated the country is part of the Southern African Customs Union (SACU), which provides for the free movement of goods within the region and common external tariffs with other countries.
“It also has 100% customs-free access to the European Union (EU) market under the Economic Partnership Agreement (EPA) between the EU and the Southern African Development Community (SADC). Namibia enjoys trade preference with the United States until 2025 under the African Growth and Opportunity Act (AGOA), which allows for duty-free access to the US market for various products,” she listed.
According to the minister, Namibia offers lucrative investment opportunities in key sectors including mining, tourism, agriculture, blue economy, and energy amongst others.
Additional key advantages of investing in Namibia she listed include the fact that the country has a coastal strategic location with Walvis Bay port that serves as a gateway to southern Africa and beyond, a competitive tax regime that offers incentives for export-oriented industries, a supportive government that promotes private sector development and foreign direct investment.
It also has modern telecommunications infrastructure, and road infrastructure that continue to be ranked the best in Africa.
“Namibia is committed to reforming its systems and processes necessary for facilitating trade. Namibia is in the process of establishing one-stop shop border posts with various neighbouring countries as well as the national single window which is aimed at streamlining the costs of doing business, increasing the efficiency of trade processes, and enhancing Namibia’s attractiveness as an investment destination,” said Iipumbu.
Additionally, the CEO of the Namibia Investment Promotion and Development Board (NIPDB), Nangula Uaandja, who is also part of the delegation in Ghana, last month stated as of March 2023, Namibia has secured about N$161 billion worth of investment opportunities.
Uaandja noted the top three leading sectors in the pipeline are renewables (39%), agriculture and food processing (24%), and oil and gas (19%).