Trade minister Lucia Iipumbu has noted with concern that developing economies, particularly in Africa, have a history of operating from a low industrial base, have few competitive products for world markets and even trade minimally amongst themselves.
“Most developing countries, especially in Africa, have a dominant economic model of just extracting natural resources and exporting them unprocessed to world markets. The discovery of critical raw minerals or the increase in demand for them allows us an opportunity to reset the existing unviable economic growth framework,” said the minister last week at the eighth World Investment Form 2023 in Abu Dhabi, United Arab Emirates.
The investment forum brought together more than 7 000
investment stakeholders from
more than 160 countries.
According to Iipumbu, the existing economic growth framework has not supported many developing nations’ challenges of inequality, poverty, unemployment and climate change adaptation.
He stated it only further makes problems worse.
Taking part in the panel discussion on the value addition of critical raw materials, the minister stated it is important to add value to the critical raw materials as they present an opportunity for technology transfer, enhanced skills in the populace, foster linkages with the rest of the economy and enable industrialisation through structural transformation.
Place to be Iipumbu went on to market Namibia to the world, saying the country holds vast potential for growth and investment.
“We are a country blessed with abundant natural resources, a strategic location in the southern African region with modern port facilities, which is a gateway to several neighbouring landlocked countries. However, to fully unlock this potential, we must ensure our country is an attractive destination for both local and foreign investors,” she said.
The minister added that relevant authorities have been working around the clock to remove all bottlenecks and ease processes for investors. In terms of the investment regulatory reforms, Iipumbu said Namibia is committed to simplifying and streamlining her regulatory framework through the revamping of the Investment Promotion and Facilitation law, which is being deliberately reviewed to cater for new economic and investment dictates.
“We are working diligently to create an environment where business registration, permits and licenses are easily obtainable. Namibia further has modern and reliable infrastructure, which are essential for businesses to thrive,” the minister assured.
Earlier this year, Cabinet resolved to prohibit the exportation of Namibia’s critical minerals in raw form in a bid to create more local jobs and add more local value.
Namibia is striving to establish a mineral beneficiation sector amid increased global competition for rare earth minerals, driven by an expanding electric vehicle
industry that is dependent on rare earth minerals for battery development.