In line with Namibia’s economic diplomacy, the country continues to promote mutually beneficial bilateral relations to achieve its overarching socio-economic developmental objectives. According to President Hage Geingob, this is precisely why Namibia attended the Second Qatar Economic Forum, to share investment opportunities and invite those with capital to develop the country through foreign direct investment.
“Government’s role is that of facilitation and creation of a conducive investment environment. Government’s primary objective is not to conduct business,” Geingob said this week during the event in Qatar.
He added Namibia’s focus is on fulfilling the needs of the underprivileged and vulnerable members of society by bringing relief to them through the implementation of social relief programmes while on the other hand, creating a conducive environment for those with the know-how and means to do business.
Geingob touched on two substantial commercial oil (and associated gas) discoveries recently made in Namibia by international oil companies, TotalEnergies and Shell, in collaboration with Qatar Energy.
According to the President, these significant discoveries have the potential to set Namibia on a new economic growth trajectory. However, he cautioned the country is mindful that the process towards development and eventual production and sale of oil will take time.
“As we anticipate and work towards the return to positive growth in the global economy. We must be mindful that such economic growth should result in reduction of unemployment, particularly youth unemployment and must be equitable,” he noted.
A recent report by global consultancy Wood Mackenzie noted the two oil discoveries offshore Namibia are likely to bring in as much as N$53 billion in revenues for the State.
The consultancy explained that if both oil projects proceed at the same time, at peak production, could generate more than US$3.5 billion (approximately N$53.5 billion) annually in royalties and taxes for the government.